Full text of "The April 2008 Chicago Rarities Sale"

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■When great collections are sold...Bowers and Merena sells them!-

Featuring:

The Marquette^ Yakima Registry Set of Washington Quarters
The Brenda Collection

The Reed A. Nelson, MX). Collection, Part I

MS66

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J Bowers and Merena Auctions

—When great collections are sold, Bowers and Merena sells them !—

Upcoming Auctions 2008-2009

. _ _: !±1 ' ' II i-£ ■ -.-// j ; £ 4* -5 »

4-13,2008 Irvine, CA
I Feb. 27-Mar. 2,2008 Baltimore, MD

Consignment Deadline

Bowers and Merena Collector's Choice Auction Coins & Currency

Official Convention Auctioneer
Baltimore Coin & Currency Convention

| July 26-29,2008 Baltimore, MD

Sept. 8-17,2008 Irvine, CA

Nov. 19-23,2008 Baltimore, MD

Jan. 5-8,2009

Chicago Rarities Sale

Official Convention Auctioneer
Baltimore Coin & Currency Convention

Baltimore Rarities Auction
Bowers and Merena Collector's Choice Auction Coins & Currency
Coins & Currency

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Aug. 2-9, 2009

Aug. 31 -Sept. 9,2009 Irvine, CA
Nov. 18-22, 2009

Baltimore. MD Official Convention Auctioneer

Baltimore Coin & Currency Convention

Official Convention Auctioneer
Baltimore Coin & Currency Convention

i, CA Official ANA Auctioneer
ANA World’s Fair of Money

Coins & Currency • Feb. 9,2009
Coins & Currency April 27,2009

Coins & Currency TBA

Bowers and Merena Collector's Choice Auction Coins & Currency July 29,2009
Coins & Currency Oct. 5,2009

Baltimore, MD Official Convention Auctioneer

Baltimore Coin & Currency Convention

Mo.. .ccvpii.'Jij

For more information contact Bowers and Merena at

800 . 458.4646

Dates and auctions are subject to change without notice. Prior to
making any travel arrangements, ive recommend \ou phone Steve Deeds
or the team at Botvers and Merena for the latest schedule.

IBmvk'R*, AjviO/ MteM'k iA

18061 Fitch, Irvine, CA 92614
TOLL FREE: 800.458.4646 • Fax: 949.253.4091
Email: auction@bowersandmerena.com • www.bowersandmerena.com

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April 15, 2008 .

Sofitel Chicago O’Hare kV 4

5550 North River Rd.

Chicago, IL 60018
Tel: 847.678.4488

Bowers and Merena Auctions

-When great collections are sold...Bowers and Merena sells them! -

18061 Fitch • Irvine, CA 92614 • 800.458.4646 • 949.253.0916 • FAX: 949.253.4091
www.bowersandmerena.com • e-mail: auction@bowersandmerena.com

Licensed Auctioneer Bradley S. Karoleff, #2008'2518

Auction Location

Sofitel Chicago O’Hare
5550 North River Rd.
Chicago, IL 60018
Tel: 847.678 A488

The Auction will be held in the Eiffel Room.

Session One
Tuesday, April 15

11:00 am Start
Lots L1004

Lot Viewing & Pickup

Lot Viewing and Pickup will be conducted in the Lido Room, as follows:

Sunday, April 13

9:00 am - 6:00 pm

Lot Viewing
Monday, April 14

9:00 am - 6:00 pm

Tuesday, April 15

9:00 am - 11:00 am

Lot Pickup
Wednesday, April 16

9:00 am - 11:00 am

All times listed in Central Daylight Time.
Dates, times and locations are subject to change.

Page ii

Bowers and Merena Auctions

Stephen Deeds
President

Raeleen Endo
Director of
Auction Services

Kris Briggs
Marketing

Michael Loeffler
Information Technology

Bowers and Merena

Organization

Ian Russell

Chief Operating Officer

Larry Abbott
Consignments

Ron Castro

Photography/Auction Services

Dave Machanick
Information Technology

Brett Renaud
Numismatist

Paul Bresnahan
Director of Finance
and Operations

Jeff Ambio

Numismatic Consultant

Donna Gakenheimer
Accounting

Debbie McDonald
Consignments

Bryan Stoughton
Graphic Design

Kevin Foley
Senior Numismatist
for Rare Currency

Jason Boland
Information Technology

Carol Holt
Receptionist

Ceilia Mullins
Photography/Auction
Services/Marketing

Gar Travis
Numismatist

Ron Gillio

Numismatic Acquisitions
Coordinator

Karen Bridges
Photography

Wayne Lee

Information Technology

Scott Reiter
Consignments

Bowers and Merena Auctions

Page hi

Bowers and Merena

Order of Sale

SESSION ONE
Tuesday, April 1 5
11:00 am CDT Start

Lots 1-1004

Numismatic Americana.Lot 1

Colonials.Lots 2 - 4

Half Cent.Lot 5

Large Cents.Lots 6 - 8

Small Cents.Lots 9 - 104

Two-Cent Pieces.Lots 105-107

Silver Three-Cent Pieces.Lots 108 - 141

Nickel Three-Cent Pieces.Lots 142 - 186

Nickel Five-Cent Pieces.Lots 187 - 227

Half Dimes.Lots 228 - 235

Dimes.Lots 236 - 267

Twenty-( Vnt Pieces.Lots 268 - 269

Quarter Dollars.Lots 270 - 405

Half Dollars.Lots 406 -475

Silver Dollars .Lots 476 - 635

Trade Dollars. Lots 636 - 645

t ommemorative Silv er ( < >ms.Lots 646 - 686

C 'ommemorative Gold Coins.Lots 687 - 693

1 lawaiian t'oin .Lot 694

1880 Proof Set.Lot 695

Bullion.Lots 696 - 702

Private and Territorial Gold Coins.Lots 703 - 724

t alifomia Small Denomination Gold.Lots 725 - 727

Pattern C \ uns.Lots 728 - 734

Gold Dollar .Lots 735 - 748

Quarter Eagles.Lots 749 - 787

Three-Doll,,r Gold Pieces .Lots 788 - 801

Half Eagles.Lots 802 - 855

Eagles.Lots 856 - 902

Double Eagles.Lots 903 - 1004

END OF SALE

Page iv

Bowers and Merena Auctions

Terms of Sale

1. Auction Basics. This is a public auction sale ("Auction Sale") conducted by licensed and
bonded Auctioneers, Bowers & Merena Auctions (hereinafter referred to as "Auctioneer"
and at times as "Bowers"). Bidding in this Auction Sale constitutes acceptance by you
("Bidder") of all the Terms and Conditions of Auction Sale stated herein. Bidders may
include consignors who may bid and purchase lot(s) in the Auction Sale consigned by the
consignor or by other consignors pursuant to their consignment agreement with Bowers
("Consignor" or "Consignors"). A Consignor that bids on their own lots in the Auction Sale
may pay a different fee than the buyer’s premium charged to all other buyers. Bowers reserves
the right to include in any auction sale its own material as well as material from affiliated or
related companies, principals, officers or employees. Bowers may have direct or indirect
interests in any of the lots in the auction and may collect commissions. THE TWO PRE-
CEEDING SENTENCES SHALL BE DEEMED A PART OF THE DESCRIPTION
OF ALL LOTS CONTAINED IN THE CATALOGUE. Where the Consignor has re¬
purchased a lot and the lot is either returned to the Consignor or otherwise dealt with or dis¬
posed of in accordance with the Consignor's direction, or pursuant to contractual agree¬
ment, Bowers reserves the right to so note in the prices realized or to omit a price from the
prices realized. Bowers may bid for its own account at any auction. Bowers may have infor¬
mation about any lot that is not known publicly, and Bowers reserves the right to use such
information, in a manner determined solely by Bowers and for the benefit of Bowers, with¬
out disclosing such information in the catalog, catalog description or at the auction. Bidder
acknowledges and agrees that Bowers may not be required to pay a Buyer's Commission, or
other charges that other Bidders may be required to pay and may have access to information
concerning the lot(s) that is not otherwise available to the public. Any claimed conflict of
interest or claimed competitive advantage resulting therefrom is expressly waived by all par¬
ticipants in the Auction Sale. Lot(s) may carry a Reserve. A Reserve is a confidential price
or bid below which the Auctioneer will not sell an item or will re-purchase on behalf of the
Consignor or for Bowers.

2. Descriptions and Grading. Bidder acknowledges that grading of most coins in this
Auction have been determined by independent grading services, and those that are not are
graded by Bowers. Grading of rare coins is subjective and may differ among independent
grading services and among numismatists, even though grading has a material effect on
the value of the coins. Bowers is not responsible for the grades assigned by independent
grading services, and makes no warranty or representation regarding such grades. Bidder
further acknowledges and agrees that grades assigned by Bowers and lot descriptions are
based solely upon an examination of the coins and are intended to note any perceived
characteristics. However, coin grading and perception are subjective. Bowers does not
warrant the accuracy of such descriptions. All photographs in this catalogue are of the
actual items being sold but may not be the actual size or to scale.

3. The Bidding Process. The Auctioneer may open or accept the bidding on any lot by plac¬
ing a bid on behalf of the Consignor or his or her agent, a Bidder by mail, telephone, internet
or telefax; or any other participant in the Auction Sale. The Auctioneer may accept or decline
any bid, challenge to any bid or bidding increment, as the Auctioneer in its sole discretion shall
determine. Bids must be for an entire lot and each lot constitutes a separate sale. No lot will
be broken up unless otherwise permitted by the Auctioneer. Lots will be sold in their num¬
bered sequence unless Auctioneer directs otherwise. All material shall be sold in separate lots to
the highest Bidder as determined by the Auctioneer. Auctioneer shall have the right in its sole
and absolute discretion to adjudicate all bidding disputes and shall have the right, but not the
obligation, to rescind the acceptance of any bid and place the lot(s) for Auction Sale again.
Auctioneer's decision on all bidding disputes shall be binding and final. For the Mail and
Internet Bidder's protection, no "unlimited" or "buy" bids will be accepted. When identical
bids are received for a lot, preference is given to the first bid received as determined by rhe
Auctioneer. A mail bid will take precedence over an identical floor bid; a Floor Bidder and
Telephone Bidder must bid higher than the highest mail bid to be awarded any lot. Auctioneer
reserves the right to refuse any bid, to reduce any mail bid received, to open the bidding of a
lot at any level deemed appropriate by the Auctioneer and to determine the prevailing bid, at
his sole discretion. THIS IS NOT AN APPROVAL SALE. Bidders who physically attend the
Auction sale, either personally or through an agent ("Floor Bidders") should carefully examine
all lots which they are interested in purchasing. Bidders who bid by telephone, either person¬
ally or through an agent, receive a similar benefit as Floor Bidders in being able to actively par¬
ticipate in the live Auction Sale ("Telephone Bidders"). Therefore, except as otherwise provid¬
ed in these Terms and Conditions of Auction Sale, COINS LISTED IN THIS CATALOGUE
GRADED BY PCGS, NGC OR ANACS CACHET, OR ANY OTHER THIRD PARTY
GRADING SERVICE MAY NOT BE RETURNED FOR ANY REASON WHA TSOEV¬
ER BY ANY BIDDER. For non-certified coins: If it is determined in a review by Bowers that
there is a material error in the catalogue description of a non-certified coin, the lot may be
returned if written notice is received by Bowers within seventy-two (72) hours of receipt of the
lot(s). The lot(s) must be received by Bowers no later than fourteen (14) calendar days after
the Auction Sale in the same condition the lofts) were delivered to the Bidder, in their original,
sealed containers. Late remittance constitutes just cause for revocation of all return privileges.
All prospective Bidders who have had the opportunity to examine the lofts) prior to the
Auction Sale personally assume all responsibility for any damage that Bidder causes in connec¬
tion with the lofts). Bowers shall have sole discretion in determining the value of the damage
caused, which shall be promptly paid by the prospective Bidder. BOWERS IS NOT
RESPONSIBLE FOR ANY ERRORS IN BIDDING. A Bidder should make certain to bid
on the correct lot and that the bid is the bid intended. Once the hammer has fallen and the
Auctioneer has announced the winning Bidder, the Bidder is unconditionally bound to pay for
the lot, even if the Bidder has made a mistake. Bowers reserves the right to withdraw any lot
at any time, even after the hammer has fallen, until the Bidder has taken physical possession of
the lot. No Bidder shall have a right to claim any consequential damages if a lot is withdrawn,
f ‘™ > n after the Auction Sale.

4. Bidder Registration Required. All persons seeking to bid must have a catalogue and reg¬
ister to bid at the auction by completing a registration card or bid sheet. By submitting a
bid, the Bidder acknowledges that Bidder has read the Terms and Conditions of Auction
Sale, the descriptions for the lot(s) on which they have bid, and that they agree to adhere to
these Terms and Conditions of Auction Sale. This agreement shall be deemed to have been
made in California. The Bidder acknowledges that the invoice describing a lot by number
incorporates the catalogue and Terms and Conditions of Auction Sale.

5. Prices, Payment and Delivery. A Buyer's Commission of fifteen (1 5%) on each indi¬
vidual lot will be added to all purchases made by Bidders, except for reacquisitions by
Consignors, regardless of affiliation with any group or organization, and will be based
upon the total amount of the final bid. A reacquisition charge may apply to Consignors
pursuant to a separate agreement, which may be higher or lower than the Buyer's
Commission. Payment is due immediately upon receipt of notification. Payment is delin¬
quent and in default if not made in good funds in full within fourteen (14) days of the
Auction Sale, without exception. Unless otherwise agreed in writing, auction sales are
strictly cash in U.S. funds payable through a bank in the United States. On any cash
transaction or series of transactions exceeding $10,000, Treasury Form 8300 will be filed.
Contact Bowers for wiring instructions before sending a wire. Lots must be paid for the
earlier of receipt of invoice or delivery. Lot(s) will not be shipped before funds are received
by Bowers. Bowers reserves the right to decline to release lots for which good funds have
not yet been received. On any accounts past due, Bowers reserves the right to extend cred¬
it and impose periodic charges. Bidder agrees to pay reasonable attorney's fees and cost
incurred ro collect on such past due accounts. Payment by Visa, Mastercard, American
Express or Discover may be accepted only for internet bidders whose total purchases for
the Auction Sale do not exceed $5,000. Bids will not be accepted from those persons
under eighteen (18) years of age without a parent's written consent which acknowledges
the Terms and Conditions of Auction Sale herein and agrees to be bound thereby on
behalf of the Bidder. Bidders personally and unconditionally guarantee payment that are
or become owed to Bowers. If a corporation is the Bidder, the corporate representative
present at the sale shall provide Bowers at the time of registration with a statement signed
by each principal, director and officer that they each personally and unconditionally guar¬
antee any and all current or future obligations owed to Bowers or such other statement as
may be acceptable to Bowers, in the sole discretion of Bowers. Bidders who have not estab¬
lished credit with Bowers must furnish satisfactory credit references or deposit at least
twenty-five percent (25%) of their total bids for that Auction Sale session(s) or such other
amounts as Bowers may, in its sole and absolute discretion, require before such bids will
be accepted. Deposits submitted will be applied to purchases. Any remaining deposits
will be promptly refunded, upon clearance of funds. Bowers will not assume responsibil¬
ity for the shipping and packaging of certain larger items or items of a more fragile nature
sold in this sale as determined by Bowers. It is the Bidder's responsibility to contact
Bowers after the sale to make shipping and packaging arrangements. Due to the fragile
nature of some lots. Bowers may be forced to charge additional shipping and handling.
Lots indicated as being 'framed are shipped at the Bidder's risk. Taxes, postage, freight
charges, if applicable, handling, insurance, the fifteen percent (15%) Buyer's
Commission, and any other fees required by law to be charged or collected will be added
to the invoice for any lot(s) that is invoiced to successful Bidders.

California residents will be charged sales tax as well as bidders who pick up at this
Auction without a valid Resale Certificate. Please note that the purchase of any coin
or bullion lot(s) with a price, including the buyer's fee, in excess of One Thousand
Dollars ($1,000.00) is exempt from California sales tax. On any tax not paid by Bidder
which should have been paid, even if not collected by Bowers by mistake, error, negligence
or gross negligence. Bidder agrees to promptly pay the same on demand together with any
interest or penalty that may be assessed. Title to any lot remains with Consignor, any
secured party of the Consignor, or Consignor's assigns, as the case may be, until the lot is
paid for in full by Bidder. Bowers reserves the right to require payment in full before deliv¬
ering any lot to the successful Bidder. The RISK OF LOSS passes to the Bidder upon deliv¬
ery of the lofts).

Any and all claims based upon Buyer's failure to receive a purchased coin or lot, Buyer’s
receipt of a coin or lot in damaged condition, or otherwise related to delivery, must be
received in writing by Bowers no later than forty-five (45) days after Buyer’s payment for
the coin or lot, regardless of whether the Buyer has received confirmation of shipment or
not, or within 45 days of Sale if payment is not made within said time based upon pre¬
approved credit or otherwise. Buyer may not receive notification of shipment; it is Buyer's
obligation to make timely notification of any such claim. The failure to make a timely
claim, time being of the essence, shall constitute a waiver of any such claim.

6. Financial Responsibility. In the event a successful Bidder fails to make payment when
due, Bowers reserves the right, in its sole discretion, to rescind the sale or to resell the lofts)
in a commercially reasonable manner, which may include a public or private sale. Bidder
agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale,
including reasonable attorney's fees and costs, cataloguing and any other reasonable
charges. Bidder grants to Bowers or its assignees the right to offset any sums due, or found
to be due to Bowers, and to make such offset from any past, current, or future consign-
ment j j r P urc ^ ases fo at are m foe possession or control of Bowers; or from any sums aue
to Bidder by Bowers. Bidder further grants Bowers a purchase money security interest in
such sums or items and their proceeds to the extent applicable, to secure all indebtedness
due to Bowers, plus all accrued expenses, attorney fees, and costs, until the indebtedness is
paid in foil. Bidder grants Bowers the right to file a UCC-1 financing statement for such
s *8 n t “ e statement as Bidders attorney-in-fact, and to assign such interest to any
affiliated or related company or any third party deemed appropriate by Bowers. If the auc-

Bowers and Merena Auctions

Page v

Terms of Sale (cont.)

tion invoice is not paid for in fall when due per invoice terms, the unpaid balance will earn
interest at the rate of one-and-one-half percent (1-1/2%) per month until it is paid in fall.
In the event this interest rate exceeds the interest permitted by law, the same shall be adjust¬
ed to the maximum rate permitted by law, and any amount paid in excess thereof shall be
allocated to principal. Bidder agrees to pay all reasonable attorney s fees, court costs and
other collection costs incurred by Bowers or any affiliated or related company to collect past
due invoices or to interpret or enforce the terms hereof or in any action or proceeding aris¬
ing out of or related to the Auction Sale. Bowers reserves the right to assign its interest to
any third party. To the extent that the winning Bidder for any lot consists of more than
one person or entity, each such person or entity is jointly and severally liable for all obliga¬
tions of the Bidder, regardless of the title or capacity of such person or entity.

7. DISCLAIMER AND WARRANTIES. NO WARRANTY OF MERCHANTABILI¬
TY OR FITNESS FOR A PARTICUIAR PURPOSE IS MADE OR IMPLIED ON
ANY LOT NO WARRAN TY, WHETHER EXPRESSED OR IMPLIED. IS MADE
WIT! 1 RESPECT TO ANY LOT EXC T.PT FOR WARRANTY OF T IT LE, AND IN
THE CASE OF TITLE, AUCTIONEER IS SELLING ONLY THAT RIGHT OR
TITLE TO THE LOT THAT THE CONSIGNOR MAY HAVE AS OF THE AUC¬
TION SALE DATE. ALL LOTS ARE SOLD "AS IS" AND WITH ALL FAULTS.
PURCHASER HEREBY ASSUMES ALE RISKS CONCERNING AND RELATED
TO THE GRADING, QUALITY, DESCRIPTION. CONDITION, AUTHENTICI¬
TY, AND PROVENANCE OF A LOT.

a. COINS LISTED IN THIS CATALOGUE GRADED BY PCGS, NGC OR ANACS
CACHET, OR ANY OTHER THIRD PARTY GRADING SERVICE MAY NOT
BI RETURNED FOR ANY REASON WHATSOEVER B\ WY BIDDER. For

non-certified coins: If it is determined in a review by Bowers that there is a material
error in the catalogue description of a non-certified coin, the lot may be returned if
written notice is received by Bowers within seventy-two (72) hours of receipt of the
lot(s). The lot(s) must be received by Bowers no later than fourteen (14) calendar days
after the Auction Sale in the same condition the Iot(s) were delivered to the Bidder, in
their original, sealed containers.

b. Any and all claims that an item is not authentic, must be made in writing to Bowers
within seventy-two (72) hours days after receipt of the item.

c. If an item or items are returned pursuant to the terms herein, they must be housed in
their original, sealed and unopened container.

d. Late remittance or removal of any item form its original container constitutes just cause
for revocation of all return privileges.

e. Grading or condition of rare coins may have a material effect on the value of the item(s)
purchased, and the opinion of others (including independent grading services) may dif¬
fer with the independent grading services opinion or interpretation of Bowers. Bowers
shall not be bound by any prior, or subsequent opinion, determination or certification
by any independent grading service.

f. Questions regarding the minting of a coin as a "proof' or as a "business strike" relate to
the method of manufacture and not to authenticity.

g. All oral and written statements made by Bowers and its employees (including affiliated
and related companies) are statements of opinion only, and arc not warranties or repre¬
sentations of any kind, unless stated as a specific written warranty, and no employee or
agent of Bowers has authority to vary or alter these Terms and Conditions of Auction
Sale. Any alteration shall be effective only if in writing and signed by an officer of
Bowers authorized to do so.

h. Bidders shall have no recourse against the Consignor for any reason whatsoever.

i. Bidder acknowledges that the rare coin market is speculative, unregulated and volatile,
and that coin prices may rise or fall over time. Bowers does not guarantee that any cus¬
tomer buying for investment purposes will be able to sell for a profit in the future.

j. Bidder acknowledges and agrees that neither Bowers, nor its employees, affiliates,
agents, third-party providers or consignors warrant that auctions will be unimpaired,
uninterrupted or error free and accordingly shall not be liable for such events.

k. Any comments provided by David Hall do not necessarily reflect the opinion of Bowers
and Merena. Any disagreement with David Hall's comments, or any error made by
David Hall will not be a reason for a Buyer to return any lot whatsoever. All coins with
David Hall comments are certified and graded by the Professional Coin Grading
Service (PCGS>. David Hall is the Founder and Director of PCGS.

8. Waiver and Release. Bidder, for himself, his heirs, agents, successors and assignees, gen¬
erally and specifically waives and releases, and forever discharges Bowers, and its respective
affiliates, parent.,, shareholders, agents, subsidiaries, employees, members of their respective
boards of directors, and each of them, and their respective successors and assignees from
any and all claims, rights, demands and causes of actions and suits, of whatever kind or
narure, including but not limited to claims based upon Auctioneer’s negligence, whether in
law or eauity, whether known or unknown, suspected or unsuspected, which Bidder may
claim to have with respect to and/or arising out of, or in connection with any challenge to
the title to any goods purchased, the sale itself, any lot hid upon or consigned, and/or the
auction, except where such reimbursement is otherwise authorized in dic.se Terms and
Conditions of Auction Sale. It is the intention of Bidder that this waiver and release shall
be effective as a bar to each and every claim, demand, cause of action and suit that may
arise hereunder or be related to the Auction Sale, and Purchaser hereby knowingly and vol¬
untarily waives any and all rights and benefits otherwise conferred upon him by the provi¬
sions of Section 1542 of the California Civil Code, which reads in fall as follows:

"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CRED¬
ITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE

TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST
HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."

9. Disputes, li a dispute arises concerning ownership of a lot that has been bid upon oi
concerning proceeds of any sale. Bowers reserves the right to commence a statutory inter¬
pleader proceeding at the expense of the Consignor and successful Bidder and any other
applicable party, and in such event shall be entitled to its reasonable attorneys' fees and
costs. Bowers reserves the right to cancel or postpone the Auction Sale or any session
thereof for a reasonable period of time for any reason whatsoever. No Bidder shall have
any claim as a result thereof, including for incidental or consequential damages. Neither
Bowers nor any affiliated or related company shall be responsible for incidental or conse¬
quential damages arising out of any failure of the Terms and Conditions of Auction Sale,
the auction or the conduct thereof and in no event shall such liability exceed the purchase
price, premium, or fees paid. If the Bidder fails to comply with one or more of these Terms
and Conditions of Auction Sale, then, in addition to all other remedies which it may have
at law or in eauity. Bowers may at its sole option either (a) rescind the sale, retaining all
payments made by Bidder as liquidated damages, it being recognized that actual damages
may be speculative or difficult to compute, or (b) sell a portion or all of the lot(s) heldby
Bowers, in a quantity sufficient in the opinion of Bowers to satisfy the indebtedness, plus
all accrued charges, and Bowers may sell such portion at an auction sale or private sale
conducted by Bowers and charge a seller’s commission that is commercially reasonable.
More than one such sale mav take place at the option of Bowers. Notice of the sale shall
be by U.S.P.S. Certified Mail, Return Receipt Requested to the address utilized on the Bid
Sheet, Auction Consignment and Security Agreement or other last known address by
Bowers. The proceeds shall be applied first to the satisfaction of any damages occasioned
by Bidder's breach, then to any other indebtedness owed to Bowers, including without
limitation, commissions, handling charges, the expenses of both sales, reasonable attor¬
neys' fees, costs, collection agency fees and costs and any other costs or expenses incurred.
Bidder shall also be liable to Bowers if the proceeds of such sale or sales are insufficient to
cover the indebtedness. Rights granted to Bidders under the within Terms and Conditions
of Auction Sale arc personal and apply only to the Bidder who initially purchases the lot(s)
from Bowers. The rights may not be assigned or transferred to any other person or enti¬
ty, whether by sale of the lot(s), operation of law or otherwise. Any attempt to assign or
transfer any such rights shall be absolutely void and unenforceable. No third party may
rely on any benefit or right conferred by these Terms and Conditions of Auction Sale.

10. General Terms. These Terms and Conditions of Auction Sale and the auction shall be
construed and enforced in accordance with, and governed by, the laws of the State of
California, regardless of the location of the Auction Sale. Any dispute arising out of or
related to these Terms and Conditions of Sale, the Auction Sale or any lot, with the sole
exception of actions by Bowers to collect the purchase price and other damages, shall be
submitted to binding arbitration pursuant to the rules of the Professional Numismatics
Guild ("PNG”). Bidder acknowledges and agrees that the competent courts of the State
of California shall have exclusive jurisdiction, subject to the requirement to arbitrate, over
any disnute(s) arising hereunder, regardless of any party’s current or future residence or
domicile. Bidder further agrees that venue shall be in arbitration or the Superior Court
in Orange County, in the State of California. Bidder agrees that any arbitration or legal
action with respect to this Auction Sale is barred unless commenced within one (1) year
of the date of this Auction Sale. These Terms and Conditions of Sale and the information
on the Bower's website constitute the entire agreement between the parties hereto on the
subject matter hereof and supersede all other agreements, understandings, warranties and
representations concerning the subject matter hereof. If any section of these Terms and
Conditions of Auction Sale or any term or provision of any section is held to be invalid,
void, or unenforceable by any court of competent jurisdiction, the remaining sections or
terms and provisions of a section shall continue in fall force and effect without being
impaired or invalidated in any way. Bowers may at its sole and absolute discretion, make
loans or advances to Consignors and/or Bidders.

11. Special Services. If you wish to limit vour total expenditures, please fill in the maxi¬
mum amount you wish to spend on the MAXIMUM EXPENDITURE line at the upper
portion of your bid sheet. You can then submit bids for amounts up to eight times the
amount of the maximum expenditure. This is a personal service and a Bowers and Merena
customer representative will personally attend to your bid sheet by bidding from the auc¬
tion floor, buying lots for your account until your authorized expenditure is reached.
While we will do our best in your behalf, due to the speed of the auction sale and the
sometimes crowded conditions, we cannot be responsible for failure to execute such a bid
properly. Due to the bookkeeping involved, this service is offered only to bidders with
maximum expenditures of $ 1,000 or more.

12. We invite you to take advantage of the optional 10% to 30% increase to help your
chance of being a successful bidder. Check the appropriate place on your bid sheet.

13. Bidding in this auction sale constitutes acceptance by the bidder of the foregoing
terms of sale.

Please note: Transparent holders in which the auction lots are stored are to facilitate view ¬
ing and inspection of the lots and ARE NOT for long-term storage.

For PRICES REALIZED after the sale, call 1-800-458-4646. Preliminary prices realized will
also be pasted on the Internet soon after the session closes at www.bowersandmerena.com

Page vi

Bowers and Merena Auctions

Bowers and Merena Makes it Easy to Bid
on Your Favorite Numismatic Rarities.

As part of our commitment to deliver the best in customer care, Bowers and Merena offers several different
ways for you to bid in our auctions. And in addition to the bidding methods presented here, don’t forget
about our new Live Online Bidding feature.

Visit the Bowers and M erena website , www.bowersandmerena.com to register.
Look for the ( ) link.

1. FAX/MAIL BIDDING

You may fax your bid sheet

to 949.253.4091
or mail to:

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Irvine, CA 92614 U.S.A.

Fax and Mail bids must be
received by the time listed below.

2. PHONE BIDDING

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or 949.253.0916 to bid
over the phone until the time
listed below.

3. INTERNET BIDDING

You may bid on our website at
www.bowersandmerena.com any-
time until the time listed below.

• SESSION ONE
Tuesday, April 15
8 am PDT

(See following page for
instructions on how to use
our live online bidding.)

Bid Sheet

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OFF.CE USE ONLY

Daic

_^ 18061 Fitch, Irvine, CA 92614

Toll-Free 800:458.4646 • 1.949.253.0916 • auction@bowersandmerena.com

Deposit__

1 h.v vour bids 24 hours;, dav! < Y1 - . , , • f IM M 10 i O 1 Ol 1 OW 1

UP YOUR 1 WORPIIOM PdlNW-TIl 1 WRll I I Y ( ONI IRMATION. |

M “- -

Deposit
(25% of Sale)

$ 1,000

IMPORTANT! PLEASE READ TERMS OF SALE BEFORE BIDDING.

Here are my bids for your April 2008 Chicago Rarities Sale
(PLEASE PRINT CLEARLY)

SPECIAL SERVICES

S g.OOO

□ io% □ 20% □ 30%

nam. vSfevo Dow CUSTOMER *

STREET OR RO. I St.

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daytime telephone (03) 555-11/1 _ eax, (l&d GSS-H34-_

□ PLEASE CHECK IF THIS IS A CONFIRMATION OF BIDS SUBMITTED BY PHONE OR FAX
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Have you done business before wich Bowers and Merena? Yes g/no D

Are you a dealer? NQ _ Do you have a resale number on file with us? Mo _

Dealer references (nan Coin$ Mo . ^ 5*VlltV>a + lj , CA

MtyVenn Arv'triCOm KJu.m>$nA£hc^,lnc , 'Jovie^crha / C.A

AYkpowv first Nation* J

SIGNATURE (Bid .heel MUST be Mgned) D&W

Bowers and Merena Auctions

Page vii

Bowers and Merena is Pleased to Offer Live Online Bidding
for the April 2008 Chicago Rarities Sale!

* With this great new feature you can....

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Live Online • Compete in real time against floor bidders
from the comfort of your own home
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Click on the link to go to the registration page.

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in your bid button will \

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tioneer accepts bids and in turn asks for higher bids.

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2. Once you have submitted a bid, your bid status
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selections are locked in until the completion of
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Page vm

Bowers and Merena Auctions

Welcome to the Sale!

Steve Deeds and Everyone at Bowers and M erena Auctions

Dear Bidders:

Welcome to Bowers and Merena’s April 2008 Chicago
Rarities Sale. We are pleased to present more than 1,000 lots
of exceptional rarities from the United States coinage family.
This sale is being anchored by three special collections:

The Marquette-Yakima Registry Set
of Washington Quarters

Designed by John Flanagan, the Washington Quarter
made its debut in 1932 with issues from the Philadelphia,
Denver and San Francisco Mints. Mintages were limited
by 20th Century standards at first, and the Great
Depression even caused a suspension in Quarter production
throughout 1933. Beginning with the outbreak of World
War II in Europe in 1939, however, yearly mintages of
Quarters increased markedly. They have remained at high
levels ever since, the Washington series undergoing a com-
position change in 1965, a two-year design change in 1975
and 1976 to commemorate the U.S. Bicentennial and,
most recently, the introduction of the Statehood Quarter
designs in 1999.

The Marquette-Yakima Registry Set is one of the most
significant tributes to the 90% silver Washington Quarter
series of 1932-1964 that Bowers and Merena has ever
offered. It is the #1 set on the NGC Registry with an
impressive, unsurpassable score of 65,302. The set has also
been awarded the “Best in Category” award on the NGC
Registry for three consecutive years from 2005-2007.

The highlight of the Marquette-Yakima Collection is
definitely lot 322, the key-date 1932-D in PCGS MS-66.
This is the only 1932-D Quarter certified MS-66 at both
PCGS and NGC, and it is a must-have coin for collectors
that are competing for high set rankings on the PCGS and
NGC Registries. The coin last appeared at auction in
August of 2001. Although the Set Registry concept had
not yet created heightened demand for top-grade examples

at that time, this 1932-D Quarter realized $89,125—a
record price for a Washington Quarter at that time. We
expect that this coin will break its previous record when it
is offered in our April 2008 Chicago Rarities Sale.

The Marquette-Yakima Collection includes additional
top-of-the-pop rarities that are sure to see significant com-
^petition among Registry Set collectors when they appear at
auction. These highlights include:

• Lot 335, 1936-D PCGS MS-67, Pop: 9/0

• Lot 358, 1942-S PCGS MS-68, Combined PCGS
and NGC Pop: 1/0

• Lot 360, 1943-S PCGS MS-68, Pop: 1/0

• Lot 368, 1946-S PCGS MS-68, Pop: 4/0

• Lot 393, 1954-S PCGS MS-68, Pop: 1/0

• Lot 403, 1961-D PCGS MS-67, Pop: 1/0

The Brenda Collection

An important consignment for the Territorial gold spe¬
cialist, the Brenda Collection is comprised solely of
coinage related to the Lower Appalachian, California and
Colorado gold rushes of the 19th century. Highlights
include:

• Lot 761: 1848 CAL. Liberty Quarter, PCGS AU-58

• Lot 709: August Bechtler, $5 Gold, K-28, 128. G.,
22. CARATS., PCGS AU-55

• Lot 711: 1851 Augustus Humbert, $50 Gold, K-5,
880 THOUS, Target Reverse, NGC MS-62

• Lot 717: 1853 U.S. Assay Office of Gold—Moffat,
$20 Gold, K-19, PCGS AU-55

The Reed A. Nelson, M.D. Collection, Part I

Reed A. Nelson, M.D. was born in 1924 in Idaho Falls,
Idaho to Dr. Parley and Sarah Nelson. He was raised in
nearby Rexburg, Idaho. Reed served his country in both
World War II (Army) and in the Korean conflict (Air
Force). He attained the rank of Captain while serving in
the Air Force.

Bowers and Merena Auctions

Page ix

After completing his undergraduate course work at Utah
State University and the University of Utah, Reed graduat¬
ed from the USC School of Medicine. Following in the
footsteps of his father — a practicing doctor in Idaho — Reed
served approximately 30 years in the medical field as an
anesthesiologist.

Reed’s greatest joys in life were his family, his work and
coin collecting. He was an avid collector with a wide
range of interests in numismatics.

Part I of the Reed A. Nelson, M.D. Collection is being
offered in the April 2008 Chicago ORarities Sale, and it is
comprised of the following important items:

• Lot 579, 1889-CC Morgan Silver Dollar,

PCGS EF-45

• Lot 621, Original BU Roll of 1903-0 Morgan
Silver Dollars

• Lot 695, Nearly Complete 1880 Minor and
Silver-Coin Proof Set, PCGS-Certified

• Lot 767, 1861 Liberty Quarter Eagle, New Reverse,
PCGS MS-63

Additional highlights of this Rarities Sale are too
numerous to list in their entirety, hut we are particularly
proud to be offering the following lots:

• Lot 1, 1781 Libertas Americana Medal, Betts-615,
Silver, NGC AU-53

• Lot 218, 1926-S Buffalo Nickel, NGC MS-66 ★,
Combined Pop: 2/0

• Lot 734, 1879 Pattern Quintuple Stella, Judd-1643,
NGC Proof-64 Cameo, Ex: Eliasherg—Finest of
Only Five Known

As you peruse the following pages, I am confident that
you will find numerous other coins that would serve as
important additions to your collection. If you are planning
on attending the sale in person, I look forward to seeing
you at lot viewing as well as on the auction floor. If other
responsibilities will prevent you from making the trip to
Chicago, please visit our website,

www.bowersandmerena.com, to view the entire catalog
online and place your bids via the Internet. Good luck
with the sale, and may you find continued enjoyment and
success in the pursuit of numismatics.

Sincerely,

Steve Deeds
President

Page x

Bowers and Merena Auctions

Bowers and Merena Presents

~rh<s Etc uard Kann
ihinese E>anU Note dolloction

The astonishing collection of the world's leading authority on Chinese coins and the Chinese mone¬
tary system, consisting of more than 500 bank notes and highlighted by a complete set of Russo-
Asiatic Bank, Kuld’Sha Chuguchak & Kashgar Branch 1913-1917 Gold Fen Issues 1, 2, 10, 50 and
100. (Pick 479-483) . ^

Russo-Asiatic Bank
Kuld’Sha Chuguchak & Kashgar Branch 1913-1917

50 Gold Fen = 5 Mace

Ron Gillio ' '

World Coin & Currency
Specialist

Kevin Foley
U.S. Currency
Specialist

fa Bowers and Merena Auctions

/y - When great collections are sold...Bowers and Merena sells them! -

■When great collections

18061 Fitch, Irvine, CA 92614
TOLL FREE: 800.458.4646 • Fax: 949.253.4091
Email: auction@bowersandmerena.com • www.bowersandmerena.com

A very rare and unique note issued by the Russo-Asiatic Bank in Chinese Turkestan for its
branches in Tshutschak, Kouldja and Kashgar calling for pure gold. Pick-only list specimen
notes as rare and unpriced. Issued notes unlisted. (Pick S-482)

To Be Offered at Auction November 19-22, 2008

Bowers and Merena’s Official Auction of the Baltimore Coin and Currency Convention
Baltimore Convention Center • Baltimore, Maryland, United States

Consignment Deadline: October 6, 2008

We invite you to be part of this historic event by consigning your World coins and currency alongside these
breathtaking notes. Call today to discuss your consignment opportunities with Bowers and Merena.

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The April 2008
Chicago Rarities Sale

Session One

April 15, 2008

11:00 AM START, CENTRAL DAYLIGHT TIME

Lots 1-1004

Numismatic Americana

Legendary 1781 Libertas Americana Medal

An Original Silver Impression, of Which Only
25 Examples are Believed Extant

1 1781 Libertas Americana Medal. Betts-615. Silver. AU-53 (NGC). 47.6 millimeters. 791.8 grains. This classic type is universally regarded as the most

beautiful of the medals issued to commemorate peace between the American Colonies and Great Britain and, by extension, the birth of the United States.
The dies were engraved in Paris in 1782 by goldsmith and medallist Augustin Dupre. The design is attributed to Benjamin Franklin, who at that time was
serving as United States commissioner to France. The obverse design features a left-facing head of Liberty with a liberty cap and pole behind. The inscription
LIBERTAS. AMERICANA, is above, while the date 4 JULI. 1776. is in exergue below the portrait. The reverse is highly symbolic and shows the infant
Hercules (meant to portray America) strangling two serpents (the British armies at Saratoga and Yorktown). Minerva, depicting France with three fleur-de-
lis on her shield, keeps the British lion at bay.

Franklin presented two gold impressions of the Libertas Americana medal to the king and queen of France in honor of the debt that the United States owed
France in its struggle for independence from Great Britain. Both of those pieces have since been lost. Approximately 25 silver impressions remain, however, most
of which were originally gifted to the kings ministers. The copper pieces are most common with perhaps as many as 125 distinct examples known.

In addition to its beauty, the Libertas Americana medal is renowned for the endurance of its design. Not only has the Paris Mint continued to issue re¬
strikes, but the fledgling United States Mint adopted the Liberty Cap motif for use on the Half Cent from 1793-1797 and the Cent from 1793-1796.

One of the rare silver impressions, this original specimen displays rich olive-russet outlines to the devices that interrupts an otherwise silver-gray sheen.
The overall detail remains very bold, and there is only a bit of light highpoint rub that is perhaps most noticeable over Liberty’s hair. Small contact marks
are scattered about on both sides, but most are singularly inconspicuous, and none are out of context for the assigned grade. Highly desirable both from the
standpoint of historical significance and eye appeal, this medal would serve as a centerpiece in any advanced collection.

Bid online at www.bowersandmerena.com

Page 1

The April 2008 Chicago Rarities Sale-. • Session One

Colonials

Half Cent

2 Undated (1694) Elephant Token. Breen-190. LON DON. VF-
20 (PCGS). Also known as the “Godless” Halfpenny, the reverse in¬
scription is comprised solely of the word LONDON divided by the
shield. This is a pleasing mid-grade survivor of a rare type, both sides
toned in rich olive-copper patina. Well defined over most major design
elements, with a few scattered obverse digs that are not overly significant
in the context of the grade.

3 1795 Talbot, Allum & Lee Cent. Breen-1035. Thick Flan. Proof-

61 BN (PCGS). This impressive specimen possesses superior striking
quality to that which we have become accustomed to seeing in business
strike Talbot, Allum & Lee Cents. The devices are fully defined, and a
modestly reflective finish is discernible on the obverse when that side of
the coin rotates into a light. The reverse exhibits the same exactness of
strike, but the texture is more satiny in quality. Blended orange-brown
and gray-brown patina dominates the outward appearance, the surfaces
remarkably free of distracting blemishes for the Proof-61 numeric grade.
Apparently, PCGS felt that the original finish was too subdued to sup¬
port a higher designation.

4 1781 Washington & Independence Cent. Baker-3. Rarity-1. Re-

strike, Copper, Center-Grained Edge. Proof-65 Brown (NGC).
Examples of this variety were struck in 1860 from reworked dies by W.S.
Lincoln in London, England. A pleasing Gem, both sides are evenly
toned in rose-brown patina with some slightly deeper tinting intermin¬
gled on the reverse. Fully struck and free of bothersome contact marks,
a few trivial obverse spots are hardly worth mentioning.

5 1834 B-l, C-l, the only known dies. Rarity-1. MS-64 BN

(PCGS). Both sides of this coin possess sharp striking detail and smooth,
nearly Gem-quality surfaces. The obverse is splashed with dark-brown
and charcoal patina with lighter, sandy-tan toning outlining the stars.
The reverse has a more uniform appearance of copper-brown patina, al¬
though direct angles reveal remnants of faded-red luster around many of
the letters in the legend. Mounted in a first-generation PCGS holder.

PCGS* 1165.

Large Cents

6 1793 Wreath. S-9. Rarity-2. Vine and Bars Edge. EF Details—

Corroded (NCS). This coin offers considerable detail for a more af¬
fordable sum. Both sides are actually quite bold, the only mentionable
lack of detail being confined to the first couple of letters in the word LIB¬
ERTY at the upper-obverse border. The only real detraction, however, is
an overall rough, dark texture from corrosion. The United States’ second
Cent, the 1793 Wreath was produced solely in that year after the only ex¬
amples of the Chain design and before the first of the Liberty Cap pieces.

7 1842 N-8. Rarity-1. Large Date. MS-65 BN (NGC). A pleasing

Gem for both type or date purposes, this 1842 Large Date exhibits
glossy-copper and steel-brown patina over surfaces that still retain plenty
of faded mint-red luster. The steel-brown color is largely confined to the
central reverse, that being the only portion of the coin that does not
reveal traces of original luster at direct angles. Overall sharply struck, and
decidedly free of bothersome abrasions and other blemishes.

PCGS# 1835.

Page 2

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

8 1847 N-6. Rarity-1. MS-63 BN (PCGS). An otherwise relatively
sharp strike wanes appreciably only over the obverse stars. Whereas the
reverse is fully toned in copper-brown patina, the obverse reveals consid¬
erable amounts of faded-red luster when the coin dips into a light. A bit
subdued overall, yet free of distracting abrasions or carbon flecks.

PCGS# 1877.

Small Cents

Choice 1856 Flying Eagle Cent

9 1856 Flying Eagle. Snow-9. Proof-64 (NGC). This fully struck spec¬
imen could only have been prepared using proof production methods.
As well, the fields reveal sparkling reflective tendencies when the coin
dips into a light. Medium-tan color dominates the outward appearance
on the obverse, but it does mingle with deeper tan-gray highlights along
the lower-left border. The former color is also present on the reverse,
where streaks of that shade interrupt an otherwise lighter, honey-tan
sheen. There are no outwardly noticeable contact marks, and the tech¬
nical quality is suitably strong for the assigned grade.

Snow-9 is the most frequently encountered variety of the ever-pop-
ular 1856 Flying Eagle Cent in today’s market. Upward of 1,500 exam¬
ples are believed to have been struck from 1858 through 1860 for
distribution to contemporary collectors (and a great many others, we
suspect) who wanted an example of the United States’ first small-size
Cent.

PCGS# 2037.

10 1856 Flying Eagle. Proof Good Details—Corroded (NCS). A more
affordable alternative for the budget-minded collector that still desires
an example of this key-date small Cent, this piece retains at least outline
definition to all elements of the design. There is even bolder definition
remaining over the eagle’s head on the obverse and in the recesses of the
reverse wreath. Scattered contact marks are noted, but the real impedi¬
ment to the eye appeal is a rough, pitted texture from corrosion that also
manifests itself as dark verdigris in the recesses around many of the de-

PCGS# 2037.

11 1857 Flying Eagle. MS-65 (PCGS). This conditionally scarce exam¬

ple represents an important bidding opportunity for the Gem-quality
type collector. Both sides are satiny in sheen with soft, pinkish-tan color
that is a bit warmer on the reverse. Sharply struck from a well-balanced
strike, the surfaces are free of distracting abrasions and carbon flecks.

PCGS# 2016.

12 1857 Flying Eagle. MS-64 (PCGS). Really a lovely coin, this example

would even do justice to a type set comprised mostly of Gem-quality
pieces. Both sides exhibit warm, even, tannish-rose color that accents an
impressively sharp strike. There are no distracting abrasions, and a tiny
reverse spot that is well concealed in the left half of the wreath seems to
be the only feature that bars this coin from an even higher grade.

PCGS# 2016.

Rarely Offered 1858
Large Letters Flying Eagle Cent

Proof Format

13 1858 Snow-PR 1. Large Letters. Proof-65 (NGC). The proof 1858

Large Letters Flying Eagle Cent has an unknown mintage that Rick Snow
(2001) estimates at 100 pieces. The well-known Flying Eagle and Indian
Cent specialist is aware of only a single die pair, the coins struck from it
having, “deep mirrors and needle sharp strikes.” This coin possesses these
characteristics, the surfaces also revealing rich toning in blended honey-
tan and copper-gray shades. Those are the colors present at indirect an¬
gles; direct light reveals more of a medium-tan sheen, and it also calls
forth modest reflectivity in the fields. The surfaces are smooth and com¬
fortably at home at the Gem grade level.

All proof 1858 Large Letters Cents were probably distributed either
with the year’s minor and silver-coin proof sets or as part of special pat¬
tern sets. No more than 50 coins are believed extant.

NGC Census: only 9: with a mere two finer in Proof-66.

PCGS# 2042.

Bid online at www.bowersandmerena.com

Page 3

The April 2008 Chicago Rarities Sale • Session One

Beautiful, Conditionally Rare
1858 Large Letters Cent

14 1858 Large Letters. MS-66 (PCGS). Eagle Eye Photo Seal. When

we consider both the Large Letters and Small Letters hub varieties to¬
gether, the 1858 is roughly equal in availability to the 1857. Both issues
are easily obtainable in all grades through MS-64, and that is the level
that most type collectors choose to focus on when it comes to the Flying
Eagle Cent. The present sale notwithstanding. Gems in MS-65 are quite
scarce from a market availability, and examples of the 1857, 1858 LL
and 1858 SL that grade MS-66 or finer are genuinely rare coins.

An exceptional example of both the issue and the type, this premium-
quality Gem is virtually unsurpassable in grade at both major certification
services. The strike is among the sharpest that we have seen on a business
strike Flying Eagle Cent of any date in recent memory, and it is virtually
full. Even the ribbon that binds the reverse wreath is distinctly separated
down the middle—one of the last design elements to strike up on coins
of this type. Shimmering satin luster is uncommonly vibrant, and modest
flashes of semi-reflectivity in the fields are discernible when the coin dips
into a light. Evenly toned in honey-tan shades, with nary a distracting
blemish to report. Housed in an older PCGS holder with a green insert,
this lovely example is sure to please even the most exacting collector.

15 1858 Large Letters. MS-65 (NGC). Sharp striking detail and

smooth, Gem-quality surfaces arc sure to appeal to high-grade type col¬
lectors. Both sides are mostly honey-tan in appearance, but direct angles
call forth pretty apricot undertones that strengthen already impressive
eye appeal.

PtX.S# 2019.

16 1858 Small Letters. MS-65 (NGC). A conditionally scarce Gem, this

coin represents an important buying opportunity for the high-grade type
collector. Both sides exhibit sharp striking detail to the devices, but we
are unable to locate even a single mentionable blemish. Originally toned
in light orange-brown patina, and housed in an older NGC holder with
a thick border and imprinted logo.

PCGS* 2020.

17 1859 Proof-64 Cameo (NGC). Anticipating strong collector sales due

to the novelty of the design, the Mint struck approximately 800 proof In¬
dian Cents in 1859. Fewer than half of those pieces actually left the Mint,
however, and the number of survivors in all grades is probably on the
order of just 250-400 examples. Today, those coins enjoy strong collector
demand as the only proof Indian Cents of the Laurel Wreath Reverse
type.

An impressive strike rarity, this important near-Gem exhibits appre¬
ciable cameo contrast between fully struck devices and smooth-looking
fields. Pinkish-honey color blankets both sides, the reverse a bit warmer
in appearance than the obverse. With no distracting blemishes, this coin
comes highly recommended for advanced type purposes.

NGC Census: just 16 in all grades with a Cameo designation. The corresponding population at PCGS

18 1860 Proof-65 (PCGS). Only 542 proof 1860 Indian Cents actually
seem to have been distributed from an estimated mintage of 1,000
pieces. This is a very challenging issue to locate as a full Gem, a fact that
speaks volumes about the importance of the present offering. Smooth,
virtually blemish-free surfaces are both accurately graded and highly at¬
tractive. The color is a light pinkish-tan shade, and a sharp strike further
enhances already memorable eye appeal.

PCGS Population: 33: with a mere seven finer in Proof-66
PCGS# 2253.

Page 4

Bowers and Merf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

19 1861 Proof-65 (NGC). The key issue in the proof copper-nickel Type

II Indian Cent series of 1860-1864, the 1861 was distributed in limited
numbers due to the onset of the Civil War that year. In fact, it is highly
likely that no more than 200 or so coins were actually sold despite the fact
that the Mint struck approximately 1,000 examples. This fortunate sur¬
vivor is a no-questions Gem with honey-rose color over fully struck fea¬
tures. The obverse is a bit more vibrant than the reverse, but both sides
are equally free of bothersome contact marks or other blemishes.

NGC Census: 17: 5 finer.

PCGS# 2256.

20 1862 Proof-65 (PCGS). This beautiful Gem belongs in a proof type
set that highlights originality as well as high technical quality. Both sides
are overlaid in lovely pinkish-tan color, the left-reverse periphery also dis¬
playing a crescent of honey-apricot tinting. A full strike and smooth, vir¬
tually pristine-looking surfaces easily uphold the validity of the Proof-65
designation.

PCGS# 2259.

21 1863 Proof-65 Cameo (PCGS). This important Gem possesses appre¬

ciable field-to-device contrast—an attribute seldom noted for survivors
of the issue. Warm olive-tan color blankets both sides, the surfaces warm¬
ing to more of a medium-apricot shade when the coin dips into a light.
Fully struck and smooth, this piece would do justice to any advanced
collection.

PCGS Population: only 9; 8 finer, all of which grade Proof-66 Cameo.

PCGS# 82262.

22 1864 Bronze. Proof-66 RB (NGC). An attractively original speci¬

men, both sides display a base of copper-brown patina. The obverse is
adorned with vivid salmon-pink iridescence, while the reverse exhibits
gorgeous lilac and lavender-blue highlights. Fully struck, as befits the
method of manufacture, and obviously well preserved since leaving the
Mint more than 140 years ago.

NGC Census: 15: with a mere two finer in Proof-67 Red and Brown.

PCGS# 2277.

24 1864 L on Ribbon. MS-65 RD (NGC). A scarce and popular hub va¬
riety, the present example is a no-questions Gem with nary a distracting
blemish to report. The surfaces are of further significance due to the pres¬
ence of fully original, medium-orange luster. The strike is a bit soft in a
few isolated areas, including the tips of the uppermost feathers in Liberty’s
headdress, but the eye appeal is still nothing short of strong. Produced
with nearly medallic alignment of the dies, the reverse is rotated only 45
degrees or so clockwise from that orientation.

NGC Census: 16; with a mere three finer in MS-66 Red.

PCGS# 2081.

1864 L on Ribbon. MS-67 BN (NGC). A simply extraordinary rep¬
resentative of this popular hub variety in the early Indian Cent series,
this Superb Gem has obviously been well cared for since the day of strik¬
ing. True, much of the original mint luster has yielded to rich copper-
brown patina, but there are still blushes of faded pinkish-orange color in
a few of the protected areas near the denticles. Direct angles also reveal
blended blue-gray overtones to the luster, but not even close inspection
with a loupe calls forth a distracting blemishes. Fully struck throughout,
with bold clashmarks in the left-obverse field that are as made.

Combined PCGS and NGC Population: just 1; 0 finer.

PCGS# 2079.

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Page 5

The April 2008 Chicago Rari ties Sale

Session One

1865 Fancy 5. MS-66 RB (PCGS). As a rule, the early bronze Indian
Cents circulated heavily beginning in the years of issue with the result
that high-grade survivors are very scarce, if not rare in todays market. Idle
Gem 1865 in this lot is decidedly in the latter category. The surfaces are
exceptionally well preserved with smooth features and no distracting car¬
bon. Original medium-orange luster is nearly fully intact, and the lightest
copper-brown tinting is not readily perceptible at all angles. Fully struck
throughout, and highly attractive, this coin comes highly recommended
for inclusion in the finest Indian Cent collection.

PCGS Population: only 4 in MS-66 RB; and none are finer with any color designation.

PCGS# 2083.

26 1866 Proof-66 RB (PCGS). This low-pop example is sure to be of ob¬

vious importance to collectors that are assembling top-quality sets of In¬
dian Cents. A smartly impressed proof, both sides exhibit mottled
glossy-brown patina over surfaces that still retain plenty of original or¬
ange-tan color. The lack of bothersome hairlines and other blemishes
readily upholds the validity of the Proof-66 numeric grade.

27 1866 Snow-1, FS-007.6. Doubled Die Obverse. MS-64 RD
(NGC). One of the most popular doubled dies in the Indian Cent series,
the I '.'66 Snow-1 also has bold misplaced digits in the denticles below the
66 in the date and in the necklace of pearls at the base of Liberty’s neck.
This fully lustrous near-Gem is obviously among the finest examples
known. Both sides display pale-rose and copper-rose color, the distribu¬
tion a bit streaky in several areas. The latter feature is not all that dis¬
tracting to the eye but, since there are no bothersome abrasions or carbon
flecks, it probably explains why this coin did not secure an even higher
grade. Sharply struck, and definitely an important find for the Indian
Cent specialist.

28 1869 Proof-6 5 Cameo (ANACS). The AN ACS insert does not in¬
clude a color designation, but we note that the coin possesses full
medium-orange color over both sides. The strike is sharply executed, and
the devices also have a satiny texture that contrasts with more reflective
fields. A bit of light, mottled haziness helps to explain the Proof-63 nu¬
meric grade.

29 1870 Proof-66 RB (PCGS). This early bronze proof Cent is seldom

encountered with surfaces that are close to pristine as those of the present
example. There is not even a single distracting blemish, and the eye ap¬
peal is correspondingly strong. Warm golden-brown color envelops both
sides and speaks volumes about this coin’s originality.

PCGS# 2298.

30 1872 Proof-65 RD Cameo (NGC). Glistening, reflective fields sup¬

port satiny, fully struck devices on both sides of this lovely specimen.
Original in all regards, the surfaces retain rich reddish-orange color that
readily upholds the RD designation from NGC.

(Combined PCGS and NGC Population: just 3 in all grades with a Cameo finish.

31 1872 Proof-65 RB (PCGS). Both sides are predominantly toned, the

medium-copper patina assuming a somewhat streaky distribution toward
the left borders. The same areas do, however, reveal some faded-orange
luster that helps to support the RB designation. Fully struck, this proof
is housed in an older PCGS holder with a greenish-yellow insen.

32 1872 Proof-65 RB (NGC). This golden-brown Gem is fully struck

with smooth, pristine-looking surfaces. An issue that enjoys strong de¬
mand among Indian Cent date collectors, the proof 1872 is an attractive
alternative to an example of the year’s conditionally challenging business
strike delivery.

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Bowers and Mfrfna Auctions

The April 2008 Chicago Rarities Sale • Session One

33 1872 MS-64 RD (PCGS). An issue that is seldom offered with full
mint-red luster, the present example has the added desirability of nearly
Gem-quality surfaces. There really are no mentionable blemishes, and
the overall eye appeal is not all that far from what we would expect to see
in an MS-65 grade. Medium-orange luster dominates the outward ap¬
pearance, a few extremely faint speckles of reddish-copper tinting being
all but imperceptible to the eye. An otherwise sharp strike wanes a bit
over the outside of the right-reverse wreath—an attribute that this cata-
loger has seen now and then on high-grade survivors of this challenging
early bronze Indian Cent.

PCGS# 2105.

34 1872 MS-63 RD (NGC). Lustrous, medium-orange surfaces exhibit
bold-to-sharp striking detail throughout. There are scattered flyspecks
on the reverse, but the obverse appears to have preserved carefully enough
to support a near-Gem grade. We do, however, note a shallow, circular
planchet void in the field before Liberty’s neck, but stress that feature is
as struck.

PCGS# 2105.

35 1873 Closed 3. Proof-66 RB (PCGS). Conditionally rare, this pre¬
mium-quality Gem is among the finest proof 1873 Indian Cents avail¬
able in todays market. Both sides are free of distracting contact marks and
other blemishes, their devices exhibiting razor-sharp striking detail. As
impressive as these attributes are, they are nearly overshadowed by at¬
tractively original color in mottled orange, rose-red and pinkish-silver
shades. Undeniably original, and seemingly earmarked for inclusion in
the finest Indian Cent collection or a high-grade type set of proof
coinage.

PCGS Population: only 3; and none are finer regardless of color designation.

PCGS# 2307.

38 1877 Proof-65 RB (PCGS). The day-date, conditionally challenging
status of the business strike 1877 translates into heightened demand for
high-grade survivors of the year’s proof delivery in all numismatic circles.
This attractively original Gem is seemingly at the upper reaches of the
Proof-65 grade level. There are no distracting blemishes, and a full strike
further enhances the eye appeal. Plenty of original orange and pink mint
coloration is evident beneath an overlay of slightly speckled olive-brown
patina.

39 1878 Proof-65 RB (NGC). Wholly original, both sides blend original
rose-red color and medium-brown patina. A well-struck and nicely pre¬
served Gem that is housed in an older NGC holder with a thick border
and large hologram.

PCGS# 2322.

40 1879 Proof-66 RB (PCGS). A lovely specimen, both sides reveal
dominant orange and pinkish-rose color when the surfaces are held at di¬
rect angles to a good light source. Indirect angles do reveal warm olive-
brown patination, as one should expect given the RB color designation
from PCGS. Very well preserved with smooth surfaces and no distracting
blemishes.

PCGS# 2325.

36 1875 Proof-65 RD (NGC). One of the scarcer proof Indian Cents,
the 1875 is downright rare at the finer levels of preservation. Indeed, this
is one of very few full Red Gems that this cataloger has handled in recent
memory, and it is truly a lovely example. Both sides are sharply struck
from the dies, the obverse with rose-red color and the reverse with more
of a reddish-orange cast. A few wispy hairlines in the center of the reverse
do not cause us any concern in the context of the assigned grade.

NGC Census: only 7; and none are finer with a RD color designation.

PCGS# 2314.

37 1876 Proof-64 RB (PCGS). Carefully preserved surfaces retain nearly
full pinkish-orange mint color beneath an overlay of light olive-brown
patina. Housed in an older PCGS holder with a light-green insert.

PCGS# 2316.

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Page 7

The April 2008 Chicago Rarities Sali • Session One

41 1880 Proof-65 RB (PCGS). Sharply struck and equally < iriginal, both

sides do, however, have two markedly different “looks.’ I he obverse
blends original medium-orange color and light olive-brown patination.
On the reverse, one will see dominant olive-copper toning and, at more
direct angles, faded orange undertones and light pinkish-rose highlights.
A bit of haziness to the color over and before Liberty's portrait is not per¬
ceptible at all angles.

PCGS# 2328.

50 1884 Proof-67 RB (PCGS). Glistening, Superb-quality surfaces alter¬

nate between original golden-pink color and light copper-brown patina
as the coin rotates under a light. All angles, however, readily reveal a
smooth, virtually pristine sheen that more than upholds the validity of
the assigned grade. Really a delightful specimen to behold.

PCGS Population: 15; with a lone Proof-68 RB finer.

PCGS# 2340.

42 1881 Proof-66 RB (NGC). Scarce this nice, this proof 1881 Indian

Cent displays a smooth, virtually pristine sheen to both sides. The out¬
ward appearance is largely one of rich copper-brown patina, but more di¬
rect angles do reveal vivid blue and lavender-pink undertones that are
most impressive on the obverse.

45 1881 Proof-64 RB (NGC). Otherwise olive-orange surfaces reveal a

partial crescent of pinkish-rose color along the upper-reverse border.
Housed in an older NGC holder with a thick border and large hologram,
the surfaces appear smooth enough to warrant consideration at an even
higher grade level.

46 1882 MS-66 RD (PCGS). Lovely medium-rose color confirms the
fully lustrous status of this premium Indian Cent. A sharp strike is also
worthy of praise, as are surfaces that are silent on the subject of grade-lim¬
iting abrasions and flyspecks. A small swirl of slightly variegated color at
the lower-right obverse rim is noted for accuracy. Housed in an older
PCGS holder with a green insert.

PCGS Population: 20: with a mere two finer in MS-67 Red.

PCGS# 2144.

47 1882 MS-64 RB (PCGS). Plenty of pinkish-orange luster remains,
this despite an overlay of light glossy-brown patina. A sharply struck ex¬
ample that appears to be smooth enough to warrant consideration at the
full Gem grade level.

PCGS# 2143.

44 1882 Proof-67 BN (PCGS). Expertly preserved, both sides arc silky
smooth in sheen and nearly in the pristine category. Although rich cop¬
per-brown patina dominates the outward appearance, vivid lilac-blue
and lavender-pink undertones are discernible with the aid of direct light.
Fully struck and Superb, this piece ranks among the finest proof 1882
Cents known.

45 1882 Proof-66 RB (NGC). Much of the original orange-red color re¬
mains, and there is only minimal muting to the surfaces in the form of
iridescent olive-brown overtones. A fully struck and carefully preserved
type candidate from the proof Indian Cent series.

PcGS# 2334.

1883 Proof-67 BN (NGC). Simply a beautiful coin to behold, both
sides reveal vivid blue and pinkish-rose undertones when the surfaces dip
into a light. The outward appearance is one of rich copper-brown patina.
Virtually pristine, this Superb example would do justice to any high-
quality set.

PCGS# 2336

1883 Proof-64 RB (PCGS). A reflective finish, as well as original or¬
ange and lavender-rose color, is readily evident when the surfaces dip
into a light. Indirect angles, however, reveal mottled olive-brown patina
that lightens to a sandy-orange shade in and around the centers. The
PCGS holder is an older variant with a light-green insert.

PCGS# 2337.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

51 1885 Proof-67 BN (NGC). Conditionally rare due to the care with
which the surfaces have been preserved, this Superb Gem is silent on the
subject of distracting blemishes. Both sides are toned in medium-brown
patina, although direct angles reveal remnants of warm lavender-pink
color that further enhance already impressive eye appeal. Fully struck,
and sure to please.

NGC Census: only 9; with a mere two finer in Proof-68 BN.

PCGS# 2342.

52 1885 Proof-66 RB (NGC). Warm olive-copper patina dominates the
outward appearance, but direct angles reveal remnants of original pink¬
ish-red color. A sharply struck Gem housed in an older NGC holder
with a thick border and large hologram.

PCGS# 2343.

53 1886 Type I. Proof-66 RB (PCGS). This conditionally scarce Gem

is silent on the subject of distracting blemishes. While we also note sharp
striking detail to the devices, it is the color that both sides possess that re¬
ally sets this coin apart from the crowd. Both sides exhibit vivid laven¬
der-pink, antique-gold and, on the reverse, cobalt-blue undertones
beneath an overlay of warm olive-brown patina. Housed in an older
PCGS holder with a green insert, and seemingly worthy of a premium
bid even if only due to the strength of the eye appeal.

PCGS Population: 26; with a mere two finer in Proof-67 Red and Brown.

PCGS# 2346.

54 1886 Type I. Proof-66 BN (NGC). Smooth, Gem-quality surfaces
are overlaid with even copper-brown patina. A fully struck and expertly
preserved representative of this well-known hub variety of the proof 1886
Cent.

NGC Census: only 8; with a mere two finer in Proof-67 BN.

PCGS# 2345.

55 1886 Type I. Proof-65 RD (PCGS). Attractive and fully original,

both sides exhibit competing shades of olive-gold and pinkish-red colors.
The reverse is more vivid than the obverse, but both sides are equally
original with simply breathtaking eye appeal. A uniformly reflective finish
and pinpont striking detail further enhance the desirability of this impres¬
sive Gem.

PCGS Population: 19; 11 finer.

PCGS# 2347.

56 1886 Type II. MS-64 RD (PCGS). A rare hub variety in the finer
Mint State grades, this full Red survivor exhibits dominant rose-red color
that lightens a bit to orange-red shades toward the rims. The contrast
between these two colors is more marked on the reverse, but both sides
are equally well struck and attractive. A reverse spot at the E in ONE is
noted.

PCGS Population: 30; 8 finer.

PCGS# 92136.

57 1886 Type II. MS-64 RD (NGC). Fulsome orange-rose luster blan¬
kets both sides and imparts a satiny sheen to the surfaces. There are no
distracting abrasions, and scattered flyspecks are not out of context with
the near-Gem grade.

NGC Census: only 7; 9 finer through MS-66 Red.

PCGS# 92156.

58 1887 Proof-66 BN (PCGS). Among the highest-graded proof 1887
Cents known to PCGS, this premium-quality Gem is nearly Superb with
smooth, distraction-free surfaces. Otherwise toned in orange-brown
patina, there is a blush of golden-blue tinting over the upper-left reverse
that is best appreciated with the aid of a good light source.

PCGS Population: only 11; 0 finer regardless of color designation.

PCGS# 2348.

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Page 9

The April 2008 Chicago Rarities Sale • Session One

59 1888 Proof-66 BN (NGC). The obverse exhibits warm copper-brown

patina, but the reverse has reddish-brown toning and vivid blue and
lavender highlights. The final two colors are best appreciated at direct
light angles, at which they give the reverse a truly spectacular appearance.
A good light source also reveals softer ice-blue undertones on the obverse.
Fully struck, as befits the method of manufacture, and free of distracting
blemishes.

PCGS# 2351.

60 1890 MS-65 RD (PCGS). Lovely orange-red luster is fully intact over

both sides of this originally preserved Gem. The surfaces are expectably
smooth for the assigned grade, and a sharply executed strike is also a
praiseworthy attribute.

61 1891 Proof-64 RB (PCGS). Intense reddish-orange color greets the
viewer on both sides, the surfaces nearly qualifying for a RD designation.
There are, nonetheless, iridescent olive-brown overtones that are most
readily evident at indirect light angles. Distracting blemishes are not seen.

62 1892 Proof-65 RD (PCGS). Housed in an older, green-insert PCX,S
holder, this coin appears to be at the upper reaches of the PR-65 RD
grade. Both sides possess full mint color in a rose-red shade that does,
however, yield to an equally original olive-red cast over the lower-right
obverse. Sharply struck and smooth, with no distracting blemishes of
any kind.

63 1892 Proof-64 RB (NGC). Plenty of original pinkish-orange color
shines through a slightly mottled overlay of copper-brown tinting. There
are no individually mentionable blemishes, and the coin is not all that far
front a full Gem rating. The NGC holder is an older variant with a thick
border and large hologram.

64 189i Proof-66 BN (NGC). Light blue and lilac-pink undertones
shine through rich copper-brown patination when the coin is viewed at
direct angles to a good light source. Both sides are pleasingly sharp in
strike and equally free of grade-limiting blemishes.

65 1893 Proof-64 RD (PCGS). With fully original color and smooth,

distiaction-free surfaces, this coin offers exceptional quality for the near-
Gem grade. Otherwise orange-red in sheen, there is a blush of equally de¬
sirable light-gold color in the center of the obverse. Housed in an older
PCGS holder with a green insert, and worthy of a close look.

66 1894 Proof-66 BN (PCGS). A pretty example, both sides are toned
in rich copper-brown patina through which vivid electric-blue and laven¬
der undertones shine when the surfaces dip into a light. Exceptionally
well preserved for a survivor of this proof 1890s Indian Cent delivery,
there is not even a single distracting blemish to report.

PCGS Population: only 2 in Proof-66 BN; and none arc finer regardless of color designation.

67 1894 Proof-65 RD (PCGS). Full medium-orange color confirms the
RD designation from PCGS. This coin is also comfortably graded as a Gem,
both sides smooth in outward appearance with no distracting blemishes.

68 1894 MS-66 RD (PCGS). Seemingly earmarked for inclusion in a

PCGS Registry Set of Indian Cents, this 1894 is unsurpassable in grade on
the Population Report. A no-questions Gem, both sides are bathed in full,
original mint luster. While the color is a rich reddish-orange shade on the
obverse, the reverse has a softer, albeit equally attractive rose-red sheen, sug¬
gestions of which are also discernible over the lower obverse in the date
area. Pleasingly sharp in strike, and expertly preserved in all regards, this
coin comes highly recommended for inclusion in the finest specialized col¬
lection. The PCGS holder is an older variant with a light-green insert.

69 1895 Proof-64 RD (PCGS). The obverse exhibits rose-red color in the

field and exquisite golden-silver tinting over Liberty’s portrait that provide
a memorable cameo-like effect on that side of the coin. The reverse dis¬
plays uniform rose-red color, and both sides are equally free of bother¬
some contact marks or other blemishes.

PCGS# 2374.

70 1895 MS-67 RD (NGC). With 38.3 million pieces produced and a good
rate of survival, the 1895 is hardly a rare Indian Cent in an absolute sense.
The Superb Gem that we are offering here, however, is an impressive con¬
dition rarity with simply breathtaking eye appeal. Both sides are bursting
with vivid, fully original, orange-red luster. All devices are pleasingly sharp
in strike, and there is not even a single distracting blemish in evidence. As
one of the most memorable examples of both the issue and the type that we
have handled in recent memory', this lovely Superb Gem comes highly rec¬
ommended for inclusion in the finest numismatic holding.

NGC Census: only 8; 0 finer. The corresponding PCGS population is just 2/0.

Page 10

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

76 1901 Proof-67 RD (NGC). Shades of rose-red color confirm the orig¬
inality of this shimmering Superb Gem. There are no grade-limiting han¬
dling marks, and a small swirl of slightly variegated color at the final A
in AMERICA is mentioned solely for accuracy.

NGC Census: only 3; with a mere two finer, both of which grade Proof-68 Red.

PCGS# 2392.

74 1898 Proof-66 RB (PCGS). Attractively original, both sides exhibit
copper-brown iridescence over fully original, pinkish-orange color. There
are no distracting handling marks or other blemishes, and the surfaces are
uncommonly well preserved for an example of this otherwise readily ob¬
tainable 1890s proof Cent.

PCGS Population: 12; with a mere two finer in Proof-67 Red and Brown.

PCGS# 2382.

75 1899 Proof-64 RB (NGC). Blended rose-red and medium-orange
colors are overlaid in mottled steel-brown patina that is more extensive
on the reverse. A fully original near-Gem that presents a pleasing appear¬
ance to the eye.

PCGS# 2385.

71 1895 MS-66 RD (PCGS). CAC. Full, medium-orange luster en¬
velops both sides of this conditionally scarce Gem. With a bold strike
and smooth, expertly preserved surfaces, this coin is sure to please even
the most exacting collector.

PCGS Population: 32; with a mere two finer.

PCGS# 2192.

72 1896 Proof-64 RB (NGC). Original pinkish-orange color is fully in¬
tact beneath an overlay of iridescent copper-brown patina. Otherwise
distraction-free surfaces reveal a few tiny carbon flecks over and before
Liberty’s neck that serve primarily to define the Proof-64 numeric des¬
ignation. Housed in an older NGC holder with a thick border and large
hologram.

PCGS# 2376.

73 1897 Proof-65 RB (PCGS). Otherwise golden-brown in color, this
original-looking example reveals more vivid lilac-blue and orange-pink
highlights over and before Liberty’s portrait on the obverse. Solidly
graded as a Gem, there are no bothersome contact marks or carbon flecks
to report.

PCGS# 2379.

Breathtakingly Beautiful
Proof 1902 Indian Cent

79 1902 Proof-68 RD (PCGS). Tied for highest-graded honors among
PCGS-certified examples with just one other Proof-68 Red, this 1902
Indian Cent belongs in a top-ranked Registry Set. It is a simply awe-in¬
spiring coin whose surfaces retain full mint bloom in a predominantly
antique-gold color. There is also some warmer medium-copper tinting
intermingled on the obverse, mostly along the lower-left periphery. All
areas shimmer with a brilliant mint finish that is undisturbed by even a
single distracting or grade-limiting blemish. Fully struck, and very beau¬
tiful, we anticipate strong bidder competition for this coin when it
crosses the auction block in Chicago.

PCGS Population: just 2; 0 finer. These two coins are the only Proof-68s listed at this certification serv-
PCGS# 2395.

77 1901 Proof-66 RB (PCGS). There is light olive-brown iridescence on

the obverse, the reverse exhibiting deeper copper-brown patina that is
largely confined to the center and left portions of that side. Considerable
orange-rose color remains, particularly on the obverse, and the eye appeal
further benefits from a noteworthy lack of distractions. Original, attractive
and sure to be of interest to the high-grade date or proof type collector.

PCGS# 2391.

1901 Proof-66 RB (NGC). Eagle Eye Photo Seal. Although equally
original, both sides possess two markedly different “looks.” The obverse
exhibits considerable pinkish-rose color beneath an overlay of light, iri¬
descent-copper tinting. The reverse is more deeply toned in copper-
brown shades, but direct angles do reveal warm lilac-blue and
lavender-pink undertones on that side.

PCGS# 2391.

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Page 11

The Aprii 2008 Ciik a<.o Rakiiii s s,\i i • Session One

80 1902 Proof-66 RD (PCGS). A lovely proof type candidate, this care¬
fully preserved Gem retains full rose-red color to both sides. Sharp strik¬
ing definition and a lack of grade-limiting blemishes are also praiseworthy
attributes.

PCGS# 2395.

81 1902 MS-65 RD (PCGS). CAC. Aglow with intense orange-red lus¬
ter, this coin would make a lovely addition to a high-quality type or date
set. Well struck, and free of distracting abrasions and carbon flecks.

PCGS# 2213.

82 1903 Proof-67 RB (NGC). As far as proof 1903 Indian Cents with
Red and Brown color are concerned, there are few coins that can rival this
lovely Superb Gem. Both sides retain intense orange-pink color beneath
an overlay of light olive-brown iridescence. The original mint color is
readily evident at virtually all angles, and there are no hairlines or other
blemishes to detract from this impressive attribute. Worthy of inclusion
in the finest collection.

83 1904 Proof-65 RB (PCGS). Vivid, original, pinkish-orange color
shines powerfully through olive-brown overtones as the coin rotates
under a light. A full strike and smooth-looking surfaces further con¬
tribute to the already impressive eye appeal that this piece possesses.

84 1905 Proof-66 BN (NGC). Intense pinkish-rose undertones with a
ring of pale-silver tinting are present on the obverse when the coin dips
into a light. Direct angles reveal equally vivid electric-blue undertones on
the reverse. Otherwise medium-brown (obverse) or copper-brown (re¬
verse) in appearance, the surfaces are cxpectably smooth for the assigned
numeric grade.

85 1906 Proof-66 RB (NGC). Faded-red color and golden-blue under¬
tones peer through an overlay of warm, medium-brown patination.
Theie is also a blush of bright-gold tinting evident at the right-reverse
border v/hen that side of the coin dips into a light. An originally and
carefully preserved Gem for the collector of high-grade proof Indian
Cents.

NGC Census: 13; 4 finer in Proof-67 RB.

PCGS# 2224.

86 1906 MS-66 RD (NGC). A virtually unsurpassable example of this
late-date Indian Cent, both sides are overall smooth with hardly any out¬
wardly noticeable blemishes. Boldly struck throughout, a tiny nick in
the lower-left obverse field is mentioned solely for accuracy.

PCGS# 2225.

87 1907 Proof-65 RB (PCGS). This original Gem blends medium-or¬
ange color and light, copper-brown patina over both sides. The reverse
is a bit subdued in appearance, but shimmering reflectivity is readily ev¬
ident on the obverse. Housed in an older PCGS holder with a light-
green insert.

PCGS# 2409.

88 1908 Proof-66 RB (NGC). Orange-tan in appearance, both sides
blend original mint color and mosdy light patination. A blush of varie¬
gated tinting over Liberty’s cheek is noted, but there are no distracting
contact marks or carbon flecks to report.

PCGS# 2412.

89 1909 Indian. Proof-66 RB (PCGS). This final-year proof type can¬

didate possesses sharp striking detail and smooth, distraction-free sur¬
faces. Plenty of original orange-rose color remains despite the presence of
light olive-brown tinting.

PCGS# 2415.

90 1909 V.D.B. MS-67 RD (PCGS). Smooth and lustrous, this
medium-red Superb Gem belongs in a high-quality type or date set. The
PCGS holder is an older variant with a green insert.

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Bowers and Mf.rena Auctions

The April 2008 Chicago Rarities Sale • Session One

91 1909-S V.D.B. MS-66 BN (NGC). Both sides are predominantly

toned in medium-brown patina, but direct angles reveal considerable
mint luster still clinging to the protected areas around the devices. Glossy
in texture, with a sharp strike and smooth-looking surfaces. The ‘09-S
V.D.B. is a well-known and highly desirable key-date issue from the first
year of Lincoln Cent production. The original mintage is just 484,000
pieces.

PCGS# 2426.

92 1909-S V.D.B. MS-65 RD (PCGS). This lot holds instant appeal for
Lincoln Cent collectors, offering a Gem full Red example of the key-
date ‘09-S V.D.B. Orange-red luster blankets surfaces that are softly
frosted in texture. The strike is expectably sharp for the issue, and there
are none but a few trivial carbon flecks that detract little from overall
strong eye appeal.

PCGS# 2428.

PQ Gem, Full Red 1914-D Cent

93 1914-D MS-65 RD (PCGS). CAC. Fully struck from the dies, this
coin is even more important in the context of the issue because it retains
full pinkish-red luster to both sides. Additionally, we have seen many
other Gem ‘14-D Cents in PCGS and NGC holders that still display a
few scattered carbon flecks on one or both sides. The present example,
however, is void of even the most trivial blemishes, and it is fully deserv¬
ing as the premium-quality assessment from CAC.

Long heralded as a key-date issue in the Lincoln Cent series, the
1914-D is a low-mintage coin with just 1.1 million pieces produced.
This is not the lowest delivery of the type, however, and both the 1909-
S VD.B. and 1931 -S were struck in fewer numbers. The first-year status
of the ‘09-S V.D.B. ensured that many examples were saved in Mint
State, and the dire economic situation that prevailed during the Great
Depression helped to keep many examples of the ‘31 -S out of circulation.
Fate was not as kind to the 1914-D, however, and a much smaller per¬
centage of the coins struck have survived even in the lower Mint State
grades. As a fully lustrous Gem, the ‘ 14-D is a significant condition rarity
that is seldom encountered in the numismatic market of the 21st century.

PCGS# 2473.

1914-D MS-64 RB (PCGS). Both sides are evenly and originally
toned in olive-brown patina. More direct angles do, however, allow ap¬
preciation of faded-orange luster. Sharply struck and overall smooth, a
few streaks of lighter color here and there around the obverse periphery
really are the only mentionable detractions to overall pleasing eye appeal.

PCGS# 2472.

Well Produced and
Expertly Preserved 1914-S Cent

95 1914-S MS-65 RD (PCGS). The 1914-S is a semi key-date Lincoln
Cent with 4.1 million pieces produced. It is one of the most challenging
of those issues to locate in the finer Mint State grades. As a full Red Gem,
the ‘14-S is actually one of the biggest hurdles to overcome in the com¬
pletion of a high-quality set of Lincoln Cents.

Sharply struck on a planchet of exceptionally pleasing stock, both
sides exhibit relatively even, medium-red luster. Only on the obverse are
a few streaks in the color evident, and these are extremely faint and only
really perceptible when the coin dips into a light. Free of grade-limiting
blemishes, and easily among the most visually appealing survivors of this
challenging issue.

PCGS Population: 32; 3 finer (MS-66 Red finest).

96 1920-S MS-65 RB (PCGS). Predominantly lustrous, both sides ex¬
hibit only the lightest golden-brown patina that mingles nicely with vivid
medium-orange color. Sharply defined throughout—a particularly note¬
worthy attribute for an issue that was struck with a multitude of worn
dies—this Gem would make a lovely addition even to a collection com¬
prised mostly of full Red coins.

PCGS Population: 16; with a single coin finer in MS-66 Red and Brown.

PCGS# 2529.

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The April 2008 Chicago Rarities Sai i • Session One

97 1921 MS-66 RD (PCGS). frosty in texture, the luster that fully envelops both sides also possesses a lovely rose-red color in virtually all areas. We say

“virtually” because direct light does reveal a blush of golden-red tinting in the center of the obverse. A smooth, premium Gem.

PCGS# 2533.

98 1922 No D. Die Pair II. Strong Reverse. MS-64 BN (PCGS). CAC. There are three die pairs known for the popular 1922 No D
Cent, and Die Pair 11 is by far the most desirable among both Lincoln Cent collectors and error specialists. This is the only die pair that features
a Strong Reverse, and the first stage in its production came when a different reverse die clashed with the obverse die in the press. The clashing
was so severe that Mint personnel had to abrasively lap the obverse die, weakening all design elements and, most critically, removing the D
mintmark. The reverse die was so far gone, however, that it was discarded and replaced with a fresh die, thus explaining the strong detail that
all coins struck from this die pair exhibit on the reverse.

By way of comparison, 1922 No D Cents struck from Die Pairs I and Ill are softly defined on both sides—the result of severely worn
dies. Rather than excessive die polishing, these varieties are missing the mintmark because grease and other contaminants filled the mintmark
< avitv on the obverse dies and, therefore, prevented the D from striking up. It is these die pairs that have also yielded the Partial D examples
that are related to, but not as desirable, as true 1922 No D Cents.

Simply pur, this is an amazing example of the important 20th century U.S. Mint error. The reverse is expectably sharp in detail for a Die
Pair II example, but the degree of definition on the obverse is nothing short of extraordinary. While there is an overall softness to Lincolns
portrait and the motto IN GOD WL TRUST, the word LIBERTY and the date 1922 are quite crisp. Additionally, even the portrait and
motto are among the boldest that we have seen in an example of this error. Whispers of charcoal-gray patina mingle with dominant copper-
brown toning in a picture of numismatic originality. The surface texture is somewhat glossy—a highly desirable attribute in copper and
bronze coins—and there really are no abrasions or other blemishes to report. A PQ near-Gem, this coin has the eye appeal, if not the technical
quality of an even higher grade.

PCGS Population: only 5; and none arc finer with a BN color designation.

PCGS# 3285.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

99 1922 No D. Die Pair II. Strong Reverse. AU-50 (PCGS). This
smooth, problem-free AU is layered in richly original, chocolate-brown
patina. While detail is expectably sharp on the reverse, it is also notewor¬
thy on the obverse. In fact, Lincolns portrait, the word LIBERTY and
the date are all exceptionally bold for a 1922 No D Cent, and particularly
one that saw 10 points of circulation. Seemingly worthy of a premium
bid, this piece is one of the nicest circulated examples of this popular
Mint error that we have handled in recent memory.

PCGS# 3285.

Condition Rarity
1926-S Lincoln Cent

ICG-Certified

100 1926-S MS-65 RD (ICG). Widely hoarded during the 1940s and
1950s, the 1926-S is still only readily obtainable in the lowest circulated
grades through Fine or, as best, VF. Even EF and AU examples are very
scarce—a testament to the fact that the 1926-S did not gain widespread
popularity in numismatic circles until many years after it was issued. Per¬
haps needless to write, the ‘26-S is rare in all Mint State grades. When
offered at that level, this issue also tends to be unattractive with little to
no original luster and/or soft definition due to the use of worn dies on
the part of the San Francisco Mint. Any full Red example is a noteworthy
find in today’s market, and pieces that are also Gem in quality are all but
unobtainable.

An important bidding opportunity for the advanced Lincoln Cent
specialist, this lot offers one of the most appealing examples of the 1926-
S that this cataloger has handled in recent memory. The strike is sharp
throughout, and there is no bothersome lack of detail to report. The lus¬
ter is not particularly vibrant—it almost never is even on full RD exam¬
ples—the obverse with a soft orange-tan sheen and the reverse with
slightly more vivid, medium-orange tinting. A few trivial blemishes are
present on the obverse, none of which are detracting to the overall eye ap¬
peal.

PCGS# 2575.

101 1928 MS-67 RD (PCGS). This top-of-the-pop Superb Gem would

make a fitting addition to a Registry Set. Bursting with rose-red luster,
both sides are expertly preserved with nary a distracting blemish to report.
As lovely an example of the issue as any that we have handled.

PCGS# 2587.

102 1953 Proof-68 RD Cameo (NGC). This exquisite condition rarity is

solidly graded as a Superb Gem with essentially pristine surfaces to both
the obverse and the reverse. Fire-red color is fully original to the coin, and
it accents appreciable contrast between the fields and devices. Beautiful
in all regards, and worthy of inclusion in the finest set.

Combined PCGS and NGC Population: only 13; 1 finer.

PCGS# 83368.

103 1955 FS-021.8. Doubled Die Obverse. MS-63 BN (NGC). This
original 1955 DDO is richly toned in copper-brown patina that evenly
blankets both sides. There are only a few well-blended, widely scattered
carbon flecks in evidence and, since the surfaces are also free of bother¬
some abrasions, this coin has relatively strong eye appeal that would not
disappoint even at the near-Gem grade level.

PCGS# 2825.

104 1972 FS-033.3. Doubled Die Obverse. MS-67 RD (PCGS). With
full mint bloom and smooth-looking surfaces, this Superb Gem ranks as
one of the finest survivors of this bold naked-eye DDO. The color is a
pleasing medium-orange shade that does, however, include some inter¬
mingled rose-red highlights here and there on both sides. Distracting
blemishes are not seen, and the eye appeal is nothing short of strong.

PCGS Population: only 15; with a lone MS-68 Red finer.

PCGS# 2950.

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Thf. April 2008 Chicago Rarities Sai i • Session One

Two-Cent Pieces

105 1864 FS-000.5. Small Motto. MS-65 RB (PCGS). CAC. Sharply
impressed throughout, this attractively original Gem blends medium-
orange luster and olive-brown patina over both sides. There are no size¬
able or individually mentionable blemishes, and the overall eye appeal is
not all that far from what one might expect to see in an MS-66 RB grade.
Housed in a first-generation PCGS holder.

PCGS Population: 34; with a men; tour finer in MS-66 Red and Brown.

PCGS# 3580.

106 1865 MS-65 RD (NGC). rhis sharply struck, mostly rose-red exam¬
ple would fit nicely into a high-grade type set. A bisecting swath of
slightly deeper, reddish-copper tinting through the center of the obverse
is noted, as is an older NGC holder with a thick border and large holo¬
gram.

107 1872 MS-61 RB (ANACS). The final business strike delivers- in the

Two-Cent series, the 1872 (just 65,000 pieces produced) is seldom en¬
countered in either circulated or Mint State grades. This BU survivor
exhibits dickers of faded-orange luster peering through a mostly even
overlay of medium-brown patina. The toning is a bit deeper on the re¬
verse, and both sides are a little subdued in appearance, but there are no
distracting abrasions or carbon flecks.

Silver Three-Cent Pieces

108 1851 MS-64 (NGC). A nice near-Gem type candidate, this first-year

Trime is overlaid in light golden-silver iridescence. Satiny surfaces are free of
distracting abrasions with good striking detail to the major design elements.

PCGS# 3664.

109 1852 MS-66 (NGC). A popular issue for type purposes, the 1852 has
the highest mintage (18.6 million pieces) in the Three-Cent Silver series.
The present example is among the nicest survivors that we have handled
in recent memory. Both sides are fully untoned with thick, billowy, satin-
textured luster. There is not even a single bothersome abrasion, and the
eye appeal is sure to please even the most exacting numismatist.

PCGS# 3666.

110 1853 MS-64 (PCGS). Otherwise tannish-silver patination includes
blushes of soft lilac-blue tinting in and around the centers. Satiny surfaces are
overall smooth in appearance, but they just do not have the “flash” required
to secure a full Gem grade. An appealing coin, nonetheless, and one that
should have little difficulty finding its way into a high-quality collection.

PCGS# 3667.

Ill 1854 MS-64 (PCGS). Conditionally challenging as a Type II Trime.
the 1854 is also a scarce issue in an absolute sense with just 671,000
pieces produced. The coin in this lot is nearly in the Gem category, and
it possesses shimmering satin luster to both sides. Brilliant throughout,
with no individually mentionable abrasions. There are, however, bold
clashmarks and a couple of die cracks on the obverse, but those features
are as struck.

112 1857 Proof-65 (NGC). A very rare, early proof issue in the Three-

Cent Silver series, the 1857 has an unknown mintage. Given the fact
that the Mint did not start to market proof coins to collectors in earnest
until 1858, it is likely that few proofs of this type were struck the previous
year. This is an appealing Gem from the standpoint of both originality
and technical quality. As for the former attribute, we note an overlay of
blended olive-gray and steel-gray shades that are a bit deeper on the ob¬
verse. And as for the latter attribute, both sides are sharply struck with no
distracting contact marks.

Combined PCGS and NGC Population: just 10: and only one coin is finer.

PCGS# 3704.

Bowers and Merf.na Auctions

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The Aprii 2008 Chicago Rarities Sale * Session One

113 1858 Proof-65 (NGC). This year marks the first in which the United

States Mint under Director Colonel James Ross Snowden made a con¬
certed attempt to market proof coinage to collectors. Even so, the
mintage of proof 1858 Trimes was not recorded by federal employees, al¬
though it has been estimated at 300+ pieces over the years. A rare issue
in today’s market, die 1858 is of further importance as an example of
the conditionally challenging Type II design.

This original-looking specimen displays smooth steel-gray obverse
toning that blends with charcoal highlights at the rim. There is much
more brilliance on the reverse, but mottled reddish-russet overtones are
present around the periphery on that side. Fully struck with no outwardly
distracting contact marks, this coin represents an important buying op¬
portunity for the advanced numismatist.

PCGS# 3705.

114 1858 MS'64 (PCGS). The 1858 has a higher mintage than any other
Type II issue in the Three-Cent Silver series, and it has long enjoyed
strong demand among type collectors. A conditionally scarce near-Gem,
the coin that we are offering here is brilliant with full, satiny mint bloom.
Sharply struck throughout, just a few wispy obverse abrasions are all that
seem to keep this piece from an even higher grade.

PCGS# 3674.

115 1859 MS-64 (PCGS). This richly original example possesses blended
olive-copper and reddish-russet patina on the obverse, the latter color
confined to the border. The reverse is equally original, albeit with dom¬
inant pearl-gray patina and warmer pink and cobalt-blue highlights along
the left rim. The Mint modified the design of the Three-Cent Silver for
the second and final time in 1859 by reducing the number of outlines
to the obverse star.

PCGS# 3677.

116 1860 Proof-64 (PCGS). This originally toned near-Gem is awash in
blended orange-red, charcoal, olive-copper, midnight-blue and salmon-
pink colors. The toning completely envelops the obverse, but it has a
mottled distribution on the reverse that allows some areas of near bril¬
liance to shine forth over and around the central devices. Uniform mint
brilliance is discernible at direct angles, this despite the depth of toning
that characterizes this piece.

PCGS# 3709.

117 1860 Proof-64 (PCGS). Golden-gray patina envelops both sides, but an
all-brilliant mint finish is readily appreciable as the coin rotates under a
light. Sharply struck in most areas, with no significant contact marks to re¬
port. The proof 1860 Trime is much scarcer than an original mintage of
1,000 pieces might suggest. Clearly, many examples of this issue were de¬
stroyed in the Mint when they failed to find willing buyers by year’s end.

PCGS# 3709.

118 1860 MS-64 (PCGS). Otherwise silver-tinged surfaces exhibit warm
reddish-orange highlights in select areas at the rims. A satiny near-Gem
with sharp striking detail and no outwardly distracting abrasions.

PCGS# 3678.

119

1861 MS-66 (PCGS). A lovely representative of this Civil War issue,
both sides possess billowy satin luster over surfaces that are silent on the
subject of grade-limiting blemishes. Virtually brilliant, with a sharp strike
to the devices. A few interesting clashmarks (as struck) are evident in the
left-obverse field as well as in the center of the reverse between the digits
in the Roman numeral III.

PCGS# 3679.

120

121

1862/1 MS-67 (PCGS). Condition Census for this, the only widely
recognized overdate in the Three-Cent Silver series, this coin is every bit
the Superb Gem. There is not even a single distracting abrasion on either
side, and the luster is full, vibrant and possessed of a shimmering satin
texture. Crisply impressed from the dies, with a dusting of delicate golden
iridescence that further enhances already memorable eye appeal. The
PCGS holder is an older variant with a green insert.

PCGS Population: only 11; 0 finer.

PCGS# 3681.

1862/1 MS-63 (PCGS). Silver-gray surfaces are lustrous and well
struck. Both sides are a bit scuffy, as befits the assigned grade, but there
are no abrasions that are worthy of singular concern. Housed in an older
PCGS holder with a light-green insert.

PCGS# 3681.

122 1862 MS-67 (NGC). CAC. Blazing, brilliant-white surfaces allow

ready appreciation of full, satin-textured luster. This is a simply beautiful
Superb Gem that is exceptionally well preserved for an example of this
Civil War-era Trime. The 1862 is actually one of the more readily obtain¬
able business strikes in the Type IIITree-Cent Silver series from the stand¬
point of total number of coins known. It is still, nonetheless, a significant
condition rarity in the finest Mint State grades.

NGC Census: 20; 0 finer.

PCGS# 3680.

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The April 2008 Chicago Rarities Sali • Session One

123 1862 MS-67 (ICG). This “normal-date” 1862 Trime is bursting with

satin luster that is so vibrant that it appears to burst through the holder.
The outward appearance on both sides is one of radiant brilliance, but
there is the lightest pale-gold iridescence evident on the reverse. A couple
of isolated central highpoints are softly impressed, but we are unable to
locate even a single distracting abrasion. Attractive!

PCGS# 3680.

124 1863 MS-64 (PCGS). The 1863 is the first of the low -mintage issues

in the Three-Cent Silver series that would continue until the end of the
denomination in 1873. One of only 21,000 business strikes produced,
this attractively original example exhibits rich cobalt-blue peripheral ton¬
ing around otherwise reddish-gray surfaces. Appearing as smooth to the
naked eye, satiny surfaces have the eye appeal, if not the technical quality
of an even higher grade.

PCGS# 3682.

125 1864 Proof-65 (NGC). An important proof issue, the 1864 Three

Cent Silver enjoys heightened demand from date collectors due to the
scarcity of business strikes of this date. Undeniably original, the obverse
is overlaid in golden-charcoal patina while the reverse exhibits even
warmer charcoal and midnight-blue colors. The strike is equally full
throughout, and there are no distracting abrasions to report.

126 1865 MS-66 (NGC). Here’s an issue that we do not handle all that

often in business strike format, and with good reason. The Philadelphia
Mint struck only 8,000 Trimes for circulation in 1865, the vast majority
of which did not survive the economic upheaval of the Civil War and the
late 1860s. At the lower reaches of Condition Census, this is a wonder¬
fully original Gem that is sure to please the toning enthusiast. Both sides
display dominant reddish-copper patina that, at direct angles, yields to
intermingled pinkish-red, cobalt-blue and antique-gold undertones. Ev¬
idence of a semi-prooflike sheen finish is also discernible as the coin dips
into a light, but not even close inspection with a loupe reveals a bother¬
some abrasion. There are, however, some interesting clashmarks (as
struck) in the obverse field around the star.

NGC Census: 13: 5 finer.

PCGS# 3685.

127 1866 MS-65 (PCGS). Silver Three-Cent piece production increased
slighdy in 1866 over the yearly outputs from 1864 and 1865, but the
mintage for this issue is still limited to just 22,000 business strikes. A
pleasing Gem, both sides are smooth with an overlay of golden-gray
patina that deepens in shade toward the right borders. Fully prooflike in
finish, there is considerable cameo-like contrast between the devices and
fields.

In addition to clashmarks around the central devices, this coin pos¬
sesses an interesting as-struck feature at the upper-left reverse border. Di¬
rect angles reveal what appear to be ridges at the rim around the stars in
that area. We believe that these “ridges” are actually evidence of die buck¬
ling. Although this cataloger has seen plenty of Indian Quarter Eagles
struck from buckled dies, this is the first Three-Cent Silver with this at¬
tribute that has passed through his hands.

PCGS Population: 7:15 finer.

PCGS# 3686.

128 1867 Proof-63 (PCGS). Rich olive-blue peripheral tonmg blends with
copper-gray patina toward the centers. Although original, the toning
subdues the original finish and helps to preclude a higher Choice grade.
That this is still a pleasing coin is beyond contestation, however, and it
is should be of obvious importance given a limited mintage of just 4,625
Three-Cent Silvers for the year.

PCGS# 3717.

129 1867 Proof-63 (PCGS). Uniformly brilliant in mint finish, both sides
are veiled in soft golden-silver iridescence. While a few scattered hairlines
preclude a higher grade, there really are no singularly mentionable blem¬
ishes to report.

PCGS# 3717.

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The April 2008 Chicago Rarities Sale • Session One

130 1868 Proof-67 (NGC). Wholly original, both sides are deeply toned
in mostly antique-copper patina. Direct angles, nevertheless, allow ready
appreciation of intermingled cobalt-blue and pinkish-apricot iridescence
that is more vivid on the reverse. Fully struck devices and watery fields
are also praiseworthy attributes, as is a lack of grade-limiting contact
marks. The proof 1868 sells for a premium in all grades due to the in¬
frequency with which business strike Three-Cent Silvers of this date ap¬
pear in the market.

Combined PCGS and NGC Population: only 4; 0 finer.

PCGS# 3718.

131 1868 Proof-64 (PCGS). Originally toned, halos of pale-lavender and
reddish-copper peripheral toning blend with softer olive, powder-blue
and light-pink shades toward the centers. Brilliant in finish, with full
striking detail over the devices.

PCGS# 3718.

132 1869 Proof-67 (NGC). Tied for finest known, this Superb proof 1869
Trime is knocking on the door of numismatic perfection. Both sides are
silky smooth in sheen with not even a single distracting contact mark in
evidence. The original mint finish remains as vibrant as the day the coin
was struck, this despite the presence of enveloping charcoal-gray patina
on both sides. Direct angles even reveal considerable field-to-device con¬
trast that seems to warrant consideration for a Cameo designation. Wor¬
thy of inclusion in any high-quality set that also highlights originality.

Combined PCGS and NGC Census: only 10 in Proof-67: 0 finer.

PCGS# 3719.

133 1870 MS-62 (PCGS). Satiny surfaces are minimally abraded in the
context of the assigned grade, but the mint finish is noticeably subdued
in sheen. The 1870 is scarce in all Mint State grades; only 3,000 business
strikes were produced. This particular BU example is housed in an older
PCGS holder with a light-green insert.

PCGS# 3691.

134 1871 Proof-66 (NGC). This beautiful specimen is toned in vivid crim¬
son-red iridescence that blends with equally attractive cobalt-blue (ob¬
verse) and blue-gray (reverse) highlights around the peripheries. The
original mint finish is undiminished in intensity despite the dominance
of the toning, and the surfaces have also survived the passage of time
without acquiring any detracting contact marks. Truly among the most
attractive representatives of this low-mintage issue that we have ever han¬
dled, a comment that includes both proofs and business strikes.

NGC Census: 17; 13 finer.

PCGS# 3722.

135 1871 Proof-63 (PCGS). Untoned with the exception of light copper-
tan highlights in select peripheral areas, both sides are also characterized
by a brilliant mint finish. Scattered hairlines are noted, all of which are
well within the context of the Proof-63 grade level.

PCGS# 3722.

136 1871 MS-66 (PCGS). Simply a breathtaking example, the obverse ex¬
hibits warm reddish-gray patina that deepens in shade toward the border,
where it joins a ribbon of vivid cobalt-blue peripheral toning. On the re¬
verse, the former color is confined to periphery from where it frames a
brilliant center. Sharply struck and satiny, this Gem is among the finest-
known survivors from an original mintage of just 3,400 business strike
Trimes for the year.

PCGS Population: 13; 11 finer.

PCGS# 3692.

137 1872 Proof-67 (NGC). Uniformly brilliant, the mint finish remains
fully vibrant despite an overlay of rich lavender-charcoal and gunmetal-
gray patina. The color is a bit deeper on the reverse, where it also has
somewhat of a mottled distribution. Fully struck and Superb, with eye
appeal that is sure to delight the collector that values originality.

NGC Census: only 8; with a mere two finer in Proof-68.

PCGS# 3723.

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The April 2008 Chicago Rarities Sai.i: • Session One

1 38 1872 Proof-63 (PCGS). Delicate copper-russet rim toning interrupts
an otherwise brilliant-white sheen. There is legitimate cameo contrast
on the obverse, but the reverse tends more toward an all-reflective finish.
One of just 1,950 Three-Cent Silvers produced in 1872, this Choice
specimen striking is housed in a first-generation PCGS slab.

PCGS# 3723.

139 1872 MS-62 (PCGS). An underappreciated rarity, we have handled

very few Mint State 1872 Trimes over the years. This is the final business 142

strike delivery of the type, and a mere 1,000 pieces were produced.

Deeply, yet originally toned, both sides of this BU survivor are veiled in
blended antique-copper and blue-gray patina. There are no outwardly
noticeable abrasions, although the luster is subdued by the toning,
thereby explaining the MS-62 grade from PCGS.

PCGS Population: just 21 coins in all Mint State grades.

PCGS# 3693.

140 1873 Proof-65 (PCGS). The 187S is the final issue in the IW-Cent

Silver series, and it was produced solely in proof format. This original
survivor displays dominant antique-copper and blue-gray patination that
is deepest at the borders. Fully struck with smooth surfaces, this really is
a pleasing Gem.

141 187 ) Proof-64 Cameo (NGC). Struck with a Closed 3 in the date, as

were all 600 proof Three-Cent Silvers prepared in 1873. This untoned
example is boldly contrasted between frosty devices and watery fields. A
fully sttuck near-Gem for the final-year and/or proof type collector.

Nickel Three-Cent Pieces

Exquisite Proof 1865
Three-Cent Nickel Rarity

1865 Proof-66 Deep Cameo (PCGS). The premier proof in the
Three-Cent Nickel series, the 1865 has an estimated mintage of 500+
pieces (per the 2008 edition of the book A Guide Book of United States
Coins by R.S. Yeoman). This is the lowest total reported for a specimen
striking of this type and, indeed, the 1865 is the key-date issue in the se¬
ries. In addition to absolute rarity, this breathtaking Gem also offers both
strike and condition rarity. As far as the strike rarity is concerned, we
note such strong contrast between frosty devices and watery fields that
the validity of the Deep Cameo designation is assured in our minds. And
for the conditionally rare assessment we fall back on smooth, virtually
pristine surfaces that are free of grade-limiting blemishes. A bit of delicate
silvery tinting around the central reverse is the only toning in evidence.
There is a small lintmark (as struck) in the reverse field between the first
two digits in the Roman numeral III that should serve as a useful pedigree
marker.

PCGS Population: only 6; with a mac two finer in Proof-67 DCAM.

1865 MS-66 (PCGS). A beautiful PQGem, both sides are adorned in
pastel iridescence that includes gold, ice-blue and pinkish-apricot colors.
Sharply struck with smooth, satiny surfaces, this coin belongs in a high-
quality type set of first-year issues. Bold clashmarks (as struck) are evident
in both the obverse and reverse fields.

PCGS# 3731.

1866 MS-65 (PCGS). Delicate golden iridescence blankets satiny sur¬
faces on both sides of this lovely Gem. With no bothersome abrasions or
carbon flecks, this coin comes highly recommended for high-grade type
purposes. The dies were clashed at the time of striking, evidence of which
can be seen in the fields around the central devices.

PCGS# 3732.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

145 1867 Proof-67 Cameo (NGC). This fully struck and radiant Superb

Gem belongs in a stellar-quality type set of proof coinage. Essentially
pristine, with eye appeal to spare.

NGC Census: only 4; 0 finer. PCGS does not list a single Cameo specimen finer than Proof-66.
PCGS# 83763.

146 1867 Proof-66 Cameo (PCGS). Delicate silver-apricot iridescence
overlays both sides and accents pleasing field-to-device contrast. Smartly
impressed from the dies, and unsurpassable in surface preservation
among proof 1867 3CNs that have been submitted to PCGS.

PCGS Population: 19; and none are finer regardless of finish.

PCGS# 83763.

147 1867 Proof-66 Cameo (NGC). Satiny and fully struck, the devices
contrast nicely with mirror-finish fields. There is no toning save for a bit
of light, mottled, silver-gray tinting in the fields.

NGC Census: 21; 4 finer.

PCGS# 83763.

148 1867 MS-66 (PCGS). A carefully preserved Gem, this satiny 3CN is
free of grade-limiting blemishes. There is an even endowment of golden-
apricot iridescence on both sides that further enhances the eye appeal.

PCGS Population: just 10; and none arc finer.

PCGS# 3733.

149 1868 Proof-65 Cameo (PCGS). Reflective fields and satiny devices are
equally touched by pale-golden iridescence. Smooth throughout, with a
sharply executed strike that further enhances already strong eye appeal.

PCGS# 83764.

NGC Census: only 4; and just three are finer with a ★ designation.
PCGS# 83765.

1869 Proof-66 ★ Cameo (NGC). There is good interplay between
satiny devices and reflective fields on both sides of this Cameo-finish
specimen. The former features are sharply defined from the strike, while
all areas are equally free of distracting blemishes. Among the finest
known!

151 1869 MS-66 (PCGS). Smooth and satiny, the surfaces are brilliant

save for the lightest golden-apricot iridescence that is not readily evident
at all angles. With an overall sharp strike and no distracting blemishes,
this coin would accept nothing less than a Gem grade. Tied for highest-
graded honors among 1869 Three-Cent Nickels submitted to PCGS.

PCGS Population: 16; 0 finer.

PCGS# 3735.

152 1870 Proof-66 Cameo (PCGS). This is a bright, untoned specimen

whose surfaces combine satiny devices and mirror-finish fields in true
Cameo fashion. There are no distracting contact marks, as one should de¬
mand for the high numeric grade.

PCGS Population: just 7; and none are finer with any finish.

PCGS# 83766.

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The April 2008 Chicago Rarities Sam • Session One

153 1870 MS-65 (PCGS). Bright, satiny surfaces arc free of both men-

tionable toning and grade-limiting abrasions. With the sole exception of
the 1881, the 1870 is the final Three-Cent Nickel with a mintage of
more than 1 million coins. It is, nonetheless, much more challenging to
locate in all Mint State grades that such earlier issues in this series as the
1865, 1866 and 1867.

PCGS# 3736.

154 1871 Proof-66 (NGC). This silver-gray Gem has a nice, brilliant-style

mint finish. The surfaces are free of disturbing blemishes, and the eye
appeal is as strong as one should demand for a coin of any type at the
Proof-66 grade level. Conditionally scarce!

PCGS# 3767.

155 1872 Proof-66 (PCGS). Somewhat satiny in texture, both sides do

reveal pleasing reflective tendencies in the fields. There is essentially no
toning to report, and distracting blemishes are also not seen.

156 1873 Proof-66 Cameo (PCGS). All proof 1873 Three-Cent Nickels
were prepared using the Closed 3 date logotype. The present example is
a no-questions Gem with full mint bloom and freedom from distracting
contact marks. Satiny devices are sharply struck and set against a back
drop of mirrored reflectivity in the fields.

PCGS Population: only 9; with a lone Proof-67 Cameo finer
PCGS# 83769.

157 1873 Closed 3. MS-66 (PCGS). Produced to the extent of just

390,000 pieces, the business strike 1873 Closed 3 is anything but plen¬
tiful in todays market. A conditionally rare Gem, the present example is
possessed of both full satin luster and smooth-looking surfaces. Sharply
struck, and essentially brilliant, this coin is solidly in the Condition Cen¬
sus for the issue.

158 1874 Proof-66 Cameo (NGC). With good field-to-device contrast, a

sharp strike and no detracting blemishes, this coin would fit nicely into
a high-grade type set of proof coinage. Un toned.

159 1875 Proof-66 (NGC). Pretty lilac-silver patina envelops smooth sur¬

faces. Sharply struck and carefully preserved, this Gem would fit nicely
into any high-quality set. Conditionally rare.

NGC Census: only 10; 0 finer with any finish.

160 1875 Proof-65 Cameo (PCGS). Sharply struck and satiny, the devices

contrast modestly, yet appreciably with reflective-finish fields. A silver-
tinged Gem for the advanced type collector that specializes in proof
coinage.

PCGS Population: just 14 in all grades with a Cameo designation. There are no Deep Cameos certified
at this service.

PCGS# 83771.

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Bowers and Merfna Auctions

The April 2008 Chicago Rarities Sale • Session One

161 1876 Proof-67 Cameo (NGC). An extremely important offering for

the advanced Three-Cent Nickel specialist, this lot offers one of only six
Superb Gem examples of the proof 1876 known to PCGS and NGC.
Satiny and sharply struck, the devices contrast nicely with watery, reflec¬
tive-finish fields. All areas are equally pristine, and the coin possesses a
bright, untoned sheen that is most attractive.

NGC Census: only 4 in Proof-66 Cameo; 0 finer. PCGS does not report a single 1876 3CN finer than

Proof-66/ Proof-66 Cameo.

PCGS# 83772.

164 1878 Proof-66 Cameo (NGC). A fully struck specimen, this piece is
also praiseworthy due to a lack of grade-limiting contact marks. Perhaps
the lightest golden iridescence is present, but both sides display a uni¬
form, untoned appearance to the eye. Another high-quality representative
of this important proof-only issue.

PCGS# 83774.

165 1879 Proof-66 Cameo (PCGS). Crisply impressed and fully untoned,
this radiant Gem would make a lovely addition to any high-quality col¬
lection. The cameo contrast is both marked and attractive.

PCGS# 83775.

162 1877 Proof-66 Cameo (PCGS). One of the more popular issues in the

Three-Cent Nickel series, the 1877 was produced to the extent of ap¬
proximately 510+ pieces, all of which are proofs. This high-quality sur¬
vivor is a no-questions Gem with smooth surfaces and bold cameo
contrast. Untoned throughout, with a sharp strike that further enhances
the coin’s desirability.

PCGS# 83773.

166 1879 MS-67 (NGC). Among the finest-known survivors from an orig¬
inal mintage of just 38,000 pieces, this Superb Gem is silent on the sub¬
ject of distracting blemishes. Both sides are virtually pristine, in fact, and
an overlay of light pinkish-silver patina further enhances already mem¬
orable eye appeal.

PCGS# 3747.

163 1878 Proof-67 Cameo (NGC). The second of only three proof-only

issues in the Three-Cent Nickels, the 1878 was produced to the extent
of just 2,350 pieces. This lovely Superb Gem is among the finest sur¬
vivors, and it exhibits virtually pristine surfaces on both sides. Sharply
struck and satiny, the devices contrast nicely with reflective-finish fields.
Untoned throughout, and equally free of grade-limiting blemishes.

NGC Census: 18; none are finer regardless of finish.

PCGS# 83774.

167 1880 Proof-67 Cameo (NGC). The cameo contrast is particularly
marked on the obverse, but it is also appreciable on the reverse. Both
sides are uniformly brilliant with smooth, Superb-quality surfaces. Really
an attractive coin, and of further importance due to a low population
on the NGC Census.

NGC Census: only 3; with a lone example finer in Proof-68 Cameo.

PCGS# 83776.

168 1880 Proof-66 (PCGS). Essentially untoned, this coin is also free of
grade-limiting contact marks. Housed in a first-generation PCGS slab,
there appears to be enough field-to-device contrast to justify a Cameo
designation.

PCGS# 3776.

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TheAprii 2008 Chicago Rarities Sali • Session One

169 1880 MS-67 (PCGS). Satiny in sheen with a razor-sharp strike, this

coin comes highly recommended for inclusion in the finest date and
mint set ofThree-Cent Nickels. A lightly toned Superb Gem mounted
in an older PCGS holder with a green insert.

174 1883 Proof-67 (PCGS). Smooth, satiny surfaces are touched by the

lightest pastel tinting that is most appreciable at direct angles. There is
nary a distracting blemish to report, as one should demand for the as¬
signed grade.

PCGS# 3779.

170 1880 MS-67 (NGC). This Superb 3CN is a survivor from an original
business strike mintage of just 21,000 pieces. Smooth and satiny, both
sides are void of even the lightest toning. There are also no grade-limiting
abrasions, and every element of the design is clearly discernible from a
sharply executed strike.

171 1881 Proof-66 Cameo (NGC). Delicate golden iridescence dances
across both sides of this delicate proof type candidate. Fully struck from
the dies, with nary a distracting hairline or other contact mark to report.

172 1881 MS-66 (PCGS). The 1881 is the sole high-mintage issue among

Three-Cent Nickels struck from 1871 through the series' end in 1889.
The present example is a great Gem type candidate with bright, semi¬
prooflike surfaces and nary a distracting blemish to report. Myriad die
polish lines (as struck) are evident in the fields.

175 1883 MS-63 (NGC). Both sides are fully Choice with pleasing satin

luster and no sizeable or individually conspicuous abrasions. This is the
first business strike 1883 Three-Cent Nickel that this cataloger can re¬
member handling in a long time, a realization that should come as no
surprise given the issue’s limited mintage of just 4,000 pieces.

1 76 1884 Proof-67 (NGC). A popular issue for proof type purposes, the

1884 is also significant due to a limited mintage for the year’s business
strike Three-Cent Nickel. Delicate golden-silver iridescence adorns all¬
brilliant features that are free of distracting blemishes. Solidly graded as
a Superb Gem, and conditionally scarce, as such.

1 77 1885 Proof-67 Cameo (PCGS). This conditionally rare specimen is

unsurpassable in grade for a Cameo-finish proof 1885 3CN. The surfaces
are silky smooth in sheen with nary a distracting blemish to report. There
is also no toning in evidence, allowing frill appreciation of sharply im¬
pressed devices and flashy, mirror-finish fields. A must-have coin for the
advanced collector of this long-defunct odd denomination.

PCGS Population: only 8; 0 finer with a Cameo designation.

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Bowers and Merfna Auctions

The April 2008 Chicago Rarities Sale • Session One

178 1886 Proof-65 (PCGS). Pale golden-tan patina drifts over smooth,

satiny surfaces. The 1886 is a proof-only issue from the final years of the
Three-Cent Nickel series with 4,290 pieces produced.

PCGS# 3782.

179 1887/6 Proof-66 (PCGS). Essentially untoned, both sides are well
struck with only one or two trivial flecks. The original mint finish is fully
intact with a blend of satin and modesdy reflective qualities. The overdate
feature is strong.

PCGS# 3784.

180 1887/(6) Proof-65 (NGC). Satiny devices contrast minimally with
semi-reflective fields. All features are equally free of distracting blemishes,
the surfaces possessing expectably strong eye appeal for the Gem grade.
Housed in an older NGC holder with a thick border and large hologram.
Remnants of the 6 underdigit are extremely faint and only discernible
with the aid of a loupe, and then again with considerable difficulty.

PCGS# 3783.

181 1887 MS-66 (PCGS). A date that is usually encountered in proof for¬
mat, the 1887 3CN has an original business strike mintage of just 5,001
pieces. Beautiful to behold, and solidly in the Gem category, this brilliant
example possesses satiny mint bloom to virtually blemish-free surfaces.
Sharply struck.

PCGS Population: only 8; with a lone MS-67 finer.

PCGS# 3755.

182 1888 Proof-66 Cameo (PCGS). Satiny devices and bright, mirror-
finish fields provide pleasing cameo contrast. There is no toning to report,
and the surfaces are equally free of detracting blemishes.

PCGS# 83785.

183 1888 MS-66 (PCGS). Golden-gray in tone, both sides possess full
satin luster over smartly impressed features. There are no distracting
blemishes, and the PCGS holder is an older variant with a green insert.

PCGS# 3757.

184 1889 Proof-67 (PCGS). A satiny specimen, this Superb Gem would
make a lovely addition to a high-grade type set of final-year proof
coinage. Both sides are sharp-to-full in strike, the surfaces smooth and
free of grade-limiting distractions.

PCGS# 3786.

185 1889 Proof-67 (NGC). Fully struck devices and shimmering, bril¬
liant-finish surfaces are sure to appeal to final-year proof type collectors.
A small obverse spot at the point of Liberty’s bust is noted.

PCGS# 3786.

186 1889 MS-66 (PCGS). Important for both high-grade and final-year
type purposes, this premium-quality Gem is silky smooth in sheen with
nary a detracting blemish in evidence. Brilliant and sharply struck.

PCGS# 3758.

Nickel Five-Cent Pieces

187 1881 Proof-67 (PCGS). A lovely specimen striking of the United

States’ first Nickel Five-Cent type, this 1881 is lightly toned in pinkish-
apricot iridescence. The surfaces are exceptionally pristine even for the
Superb Gem assessment, and the eye appeal alone is suggestive of an even
higher grade. Mounted in an older PCGS holder with a green insert,
and seemingly worthy of a premium bid.

PCGS Population: 22; 0 finer.

PCGS# 3836.

The Single Highest-Graded Proof
1882 Shield Nickel Known to PCGS

188 1882 Proof-68 (PCGS). An extremely rare grade to encounter in a

proof Shield Nickel of any date, PCGS has certified only seven examples
of the No Rays type at this outstanding level of preservation. Interest¬
ingly, all but one of the Proof-68s listed at this service are examples of the
1879/8 delivery, which means that this dazzling 1882 is unique in this
grade on the PCGS Population Report.

Housed in a first-generation slab, both sides are breathtakingly beau¬
tiful with smooth, pristine surfaces and full striking definition that ex¬
tends even to the most intricate elements of the design. Peripherally toned
in soft pink and golden-tan shades, there appears to be enough field-to-
device contrast to warrant a Cameo assessment. Worthy of a premium
bid in all regards.

PCGS Population: only 1; and none are finer.

PCGS# 3837.

189 1883 Shield. MS-67 (NGC). CAC. An exceptional final-year type can¬
didate, both sides of this coin are knocking on the door of numismatic per¬
fection. There are, in fact, no grade-limiting abrasions or carbon flecks, and
the surfaces present as uncommonly smooth even when viewed with the aid
of a loupe. Fully struck throughout, with a satiny sheen, there is also a little
bit of pastel iridescence that is more prevalent on the reverse.

NGC Census: only 16; none are finer at either service.

PCGS# 3813.

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Page 25

The Aprii 2008 Chicago Rarities Sale • Session One

193 1910 Proof-67 Cameo (PCGS). A gorgeous example ofboth the issue

and the type, this coin is a real delight to behold. Both sides possess good
contrast between satiny devices and shimmering, mirror-finish fields.
The former features are fully struck from the dies, and all areas are equally
free of distracting blemishes. An overlay of light, iridescent, apricot-rose
tinting rounds out this coin’s extensive list of positive attributes.

PCGS Population: 20; 2 finer, both of which grade Proof-68 Cameo.

PCGS# 83908.

194 1914-S MS-65 (PCGS). Unlike many ‘14-S Nickels that are “circu¬

lating” in the numismatic market, this piece is overall sharply struck from
the dies. Only the word LIBERTY along the upper-right obverse border
possesses some softness of detail, but we stress that this feature is also
seen on the plate coin in the 2000 edition of David W. Langes book The
Complete Guide to Buffalo Nickels. Full satiny luster is undisturbed by
even a single noticeable blemish. Both sides exhibit a blanket of warm
slate-gray patina with blushes of more vivid pink and, particularly, red-
dish-orange colors drifting toward the rims. Really an attractive example
of an issue that usually tops out in MS-64.

PCGS# 3926.

195 1916 MS-67 (NGC). Extraordinary surface preservation in an example

of this otherwise relatively plentiful P-mint Nickel, both sides shimmer
with full, radiant, satin-textured luster. There is nary a distracting blemish
in evidence, and the surfaces are adorned in beautiful lilac-silver irides¬
cence. Isolated blushes of orange-gold tinting at the lower-left obverse
and upper-left reverse borders are noted, and they are equally as original
as the dominant patinarion.

Combined PCGS and NGC Population: 19; with a lone MS-68 finer at the latter service.

PCGS# 3930.

190 1883 CENTS. Proof-65 Deep Cameo (PCGS). The first of the new-

style proof Liberty Nickels produced, the 1883 CENTS has a slightly
higher mintage than the 1883 No CENTS. Since the latter issue reached
public hands first, however, most contemporary Americans were not in¬
terested in also adding an example of the 1883 CENTS to their holdings.
By the early 1880s, numismatics in the United States had not yet ad¬
vanced to the stage where collectors attached significant weight to design
changes within a given series when assembling their sets, particularly if
the change occurred partway through a single year’s production.

A simply extraordinary representative of this important first-year
issue, bodi sides are adorned with light, even, apricot-colored iridescence.
The contrast between frosty devices and mirrored fields is very sharp,
and the strike is fully executed throughout. With nary a distracting blem¬
ish in evidence, this coin would make a lovely addition to a high-quality
type set that focuses on first-year proof coinage.

PCGS# 93881.

From Heritage's sale of the Troy Wiseman Collection. September 2006, lot 893.

191 1902 MS-67 (NGC). CAC. Frosty mint luster blankets both sides

and provides swirling cartwheel visual effects as the coin rotates under a
light. The surfaces are equally free of toning and grade-limiting abrasions,
and the eye appeal is nothing short of superb. Impressively sharp in strike,
as well, with no bothersome lack of detail even over the upper-obverse
stars or the lower-left reverse wreath.

192 1905 Proof-67 (NGC). CAC. A radiant, all-brilliant specimen, both

sides arc uniformly mirrored in the fields and over the devices. The latter
features are fully struck from the dies, and all areas are silent on the sub¬
ject of grade-limiting blemishes. Untoned, and sure to please rhe qual¬
ity-conscious type collector whose interest lies in proof coinage

NGC Census: 2!; with a mere two finer in Proof-68.

PCGS# 3903.

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Bowers and Merena Auctions

196 1916 FS-016. Doubled Die Obverse. MS-64 (NGC). We can ascribe the extreme rarity of this error Buffalo Nickel to the long period
of time that elapsed between its production and its discovery within the numismatic community. Although struck in 1916, the first published
account of this DDO was not made until July of 1962. Even then, most collectors did not recognize the significance of the 1916 Doubled
Die Obverse Nickel until an example was described and illustrated in the September 1976 issue of the Coin Dealer Newsletter Monthly Sum¬
mary.

The 46 years that separate 1916 and 1962 was sufficient to reduce the extant population of 1916 DDO Nickels to just 100-150 pieces
in all grades. While we are fairly certain that the total number of examples struck constitutes only an extremely small percentage of the 63.4
million Nickels struck in the Philadelphia Mint during 1916, it is highly 1 ikely that more 150 coins were struck. Those pieces that have not
survived were either lost in commercial channels or circulated to such an extent that the date area has been worn smooth, thus effacing the
most dramatic diagnostics of the doubling. We have, however, seen a few well-worn and dateless examples that still show doubling at the feather
tips at the back of the Native Americans head. Such pieces trade at a substantial discount and should not be included in estimates on the
number of 1916 DDO Nickels extant.

As specialists in this popular 20th century series know all too well, this Double Die Obverse error is particularly challenging to locate in
Mint State. Writing in 2000, David W. Lange accounts for fewer than 10 different Uncirculated survivors. Current PCGS and NGC pop¬
ulation data confirm the validity of this assessment, and they further confirm that the present example is tied for highest-graded honors.

Fully lustrous with a smooth, satiny sheen, this piece is overall sharply struck with really no areas of bothersome lack of detail. Accuracy
alone compels us to mention trivial softness to the definition at the top of the word LIBERTY on the obverse and the highest point of the
bison’s shoulder on the reverse. There are no distracting abrasions, and a couple of extremely faint, well-scattered carbon flecks are all that
seem to preclude a full Gem rating. Already impressive, the eye appeal gains further strength from an overlay of warm apricot-gray obverse
toning and lighter, lilac-silver highlights to the reverse. Certainly among our most important offerings in this sale, this coin belongs in the
finest Buffalo Nickel set.

Combined PCGS and NGC Population: only 7 (resubmissions?); 0 finer.

PCGS# 3931.

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Page 27

The April 2008 Chicago Rarities Sai.i • Session One

Minimally Worn 1916 Doubled Die Obverse Nickel

197 1916 FS-016. Doubled Die Obverse. AU-55 (PCGS). CAC. Another important, relatively high-grade example of a rare 20th century Mint error, this

Choice AU is sure to elicit strong bids at auction. Definitely a PQ coin, both sides exhibit a smooth, distraction-free appearance that is essentially free of
both abrasions and carbon flecks. This is a particularly significant attribute since this coin obviously saw some circulation, as evidenced by light rub to the
highpoints and overall muting to the surfaces. A good light source, however, does reveal very modest satin tendencies to both sides that suggest some
retention of mint luster. We also note warm tan-gray patination, the color evenly distributed over the reverse but with more silver-gray overtones intermingled
on the obverse. The overall appearance is still well balanced, nonetheless, and the overall eye appeal is about the strongest that we can imagine in a lightly
circulated example of the 1916 DDO Nickel. Relatively sharply defined, and worthy of a strong bid in all regards.

198 1916-D MS-65 (NGC). Conditionally scarce for an example of this

early D-mint issue in the Buffalo Nickel series, this coin combines an
overall bold strike with satiny, smooth-looking surfaces. The strike is ac¬
tually sharp in most areas with just a bit of softness to the highest design
elements in the centers. Warm orange-red peripheral toning blends with
lavender and blue-gray shades toward the centers, all three colors best
apprci tated at direct light angles.

199 1916-S MS-66 (NGC). Vibrantly lustrous surfaces are adorned in del¬

icate, iridescent toning that provides exceptional eye appeal even in the
context of the assigned grade. The obverse is layered in delicate lilac and
ice-blue overtones, while the reverse exhibits warm golden-apricot tint¬
ing. Both sides are pleasingly bold in strike with nary a distracting blem¬
ish to report.

NGC Census; 12; with a lone MS-67 finer.

PCGS# 3933.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

200 1917-D MS-65 (PCGS). Deficiencies with the strike bear primary re¬
sponsibility for the rarity of the 1917-D above the MS-64 grade level.
This impressive Gem is extremely well produced with razor-sharp defi¬
nition to all areas of the design. With foil, satiny luster and handsome
olive-gray patina, we can easily see this coin serving as a highlight in an
advanced Buffalo Nickel set. Direct angles also reveal more vivid red¬
dish-apricot undertones that are most prevalent at the borders.

PCGS# 3935.

201 1917-S MS-65 (PCGS). Crisp striking definition touches not only the

central highpoints, but also the bison’s head and the tops of the letters in the
word LIBERTY at the borders. In this regard this Gem is a particularly
noteworthy survivor of the issue. There are other positive attributes, of
course, and these include full sarin luster and a lack of distracting blemishes.
Silver-gray in sheen, this conditionally rare ‘17-S represents a significant
bidding opportunity for the advanced Buffalo Nickel collector.

PCGS# 3936.

202 1917-S MS-65 (PCGS). Warmly patinated and very attractive, both

sides are veiled in predominantly orange-gray patina. There are softer
pale-gold and lilac-pink highlights intermingled here and there, however,
and those colors are most readily evident at direct angles. Sharply struck,
overall smooth and comfortably graded as a Gem.

PCGS# 3936.

Rarely Offered Mint State
1918/7-D Buffalo Nickel

203 1918/7-D FS-016.5. MS-62 (NGC). Despite the fact that the 7

underdigit is fairly bold and even discernible to the unaided eye, this
overdate remained unknown to the numismatic community until
1931. By that time, the vast majority of examples had already entered
circulation and acquired significant wear. Even in worn condition,
however, the 1918/7-D is an elusive coin in todays market. The date
area is worn smooth on many Buffalo Nickels that have seen consid-
v . erable circulation, so it is likely that some examples of the ‘ 18/7-D are
no longer attributable as such because the underdigit has been lost to
circulation. Even so, we believe that the real reason for the rarity of this
overdate is that very few examples were produced. The exact number
of coins stuck will never be known, of course, as the mintage is in¬
cluded in the 8.3 million pieces reported for the 1918-D.

Writing in 2000, David W. Lange (The Complete Guide to Buffalo
Nickels) estimates that only two dozen or so 1918/7-D Nickels have
survived in Mint State. We owe the existence of these coins to
chance—they probably escaped circulation as part of rolls of 1918-D
Nickels that were set aside in the year of issue. A pleasing BU, this oth¬
erwise slate-gray example is accented with blushes of light-copper
patina that are mostly confined to the peripheries. A few scattered
flecks are hiding in the toning, and they probably help to explain the
assigned grade in conjunction with overall muting to the luster. There
are, however, no sizeable or individually mentionable blemishes, and
bold striking detail to most design elements is another noteworthy
attribute. Eagerly awaiting inclusion in an advanced collection of Buf¬
falo Nickels.

PCGS# 3939.

204 1918/7-D FS-016.5. VF-30 (PCGS). Olive-charcoal highlights are
largely confined to the protected areas around many of the devices. Both
sides, however, are predominantly silver-gray in appearance. The overall
detail is sufficiently bold for a Buffalo Nickel that saw this considerable
circulation, and the all-important 7 underdigit is still clearly discernible
to the naked eye. A problem-free, mid-grade survivor of this challenging
overdate.

PCGS# 3939.

Bid online at www.bowersandmerena.com

Page 29

The April 2008 Chicago Rarities Sale • Session One

r/wr

1918-S MS-66 (NGC). Mint State examples of even marginal quality are few and far between for the 1918-S Buffalo Nickel. Apparently,
most of the 4.8 million pieces produced entered circulation soon after striking, and relatively few were set aside for the benefit of future gen¬
erations of collectors. Due to bothersome lack of detail over one or both sides, most of the Mint State survivors grade out no higher than
MS-64 when submitted to the leading third-party certification services.

We would have been extremely excited about this offering even if the coin in this lot graded MS-65, such is the rarity of the T 8-S in Gem
Mint State. As a premium-quality MS 66, this pici c ranks as one of the most important Buffalo Nickels of any date or issuing mint that we
have handled in recent sales li is a pop 2/0 coin at PCGS and NGC and, as such, belongs in a collection of Registry Set quality. The striking
detail is simply extraordinary, both sides being as close to full as we can realistically expect to see in an example of this issue. Even more sig¬
nificant in this regard is the fact that this coin possesses better definition than the plate coin on page 104 in the 2000 book The Complete
Guide to Buffalo Nickels by David W. Lange, fully lustrous with a satiny sheen, the surfaces are veiled in warm pinkish-silver patina that is a
bit more vibrant on the reverse. I here are no distracting blemishes—further testament to the validity of the MS-66 rating.

206 1918-S MS-63 (PCGS). Satiny surfaces are veiled in otherwise silver-gras - patina that, at direct angles, assumes a brighter golden-silver cast. There is not much

to report in the way of wispy blemishes, so a soft strike in the centers seems to explain why this coin did not secure a near-Gem grade. A bold obverse die crack
(as struck) at the left rim and clashmarks (also as produced) from the Latin E PI URIBUS UNUM in the field at the Native Americans chin might be of interest
to some buyers.

PCGS# 3940.

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Bowers and Mf.rena Auctions

The April 2008 Chicago Rarities Sale • Session One

207 1919-S MS-66 (NGC). A legendary strike rarity in the Buffalo Nickel series, David W. Lange (2000) writes of the 1919-S that, “Fully
struck coins are nearly unknown.” Since the reverse is usually more affected by excessive lack of detail than the obverse, it seems likely that
the San Francisco Mint used many leftover reverse dies in the production of this 7.5 million-piece delivery.

The extremely important coin that we are offering here, however, was struck from fresh obverse and reverse dies that were properly spaced
in the press. The planchet received a deep, well-centered impression that imparted crisp definition to virtually all elements of the design. In
fact, only the tops of the letters in the word LIBERTY along the upper-right obverse border possess mentionable softness of detail, and it is
very minor by the standards of the issue. Satiny and smooth, with a blush of reddish-lavender iridescence over the lower-right obverse that
represents the only mentionable toning. Tied for finest known, this low-pop strike and condition rarity would serve as a centerpiece in any
advanced Buffalo Nickel set.

Combined PCGS and NGC Population: only 3; and none are finer.

PCGS# 3943.

Extraordinarily Well-Struck and Preserved
1919-S Buffalo Nickel

208 1919-S MS-64 (NGC). This satiny near-Gem is dusted with iridescent
golden-gray patina. The overall definition is impressively sharp with
emerging detail in the centers and a sharply executed strike elsewhere.
With no distracting blemishes, this coin is a very nice representative of
an important strike and condition rarity in the Buffalo Nickel series.

PCGS# 3943.

209 1920-D MS-65 (PCGS). Predominantly lavender-silver in shade,
warm toning blankets both sides and blends with medium-apricot color
toward the left borders. Satiny and smooth, this attractive Gem may have
secured an even higher grade were it not for bluntness of detail to the
bison’s head on the reverse.

PCGS# 3945.

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The April 2008 Chicago Rarities Sale • Session One

210

1921-S MS-65 (NGC). The only mintmarked Nickel of the year, the
1921-S is a key-date issue with just 1.5 million pieces produced. Unlike
the vast majority of Mint State survivors in numismatic circles, the pres¬
ent example is fully Gem in quality with no mentionable blemishes.
Overall boldly struck, and possessed of soft apricot-gray patina that pro¬
vides a pleasing appearance to the eye. A die crack (as struck) from the
right obverse rim to the native Americans nose should not be mistaken
for a post-production distraction.

NGC Census: 31; with a mere three finer, all of which grade MS-66.

PCGS# 3948.

211 1921-S MS-64 (PCGS). Sharply struck in most areas, only the tops of

the letters in the word LIBERTY and the bison’s head display mention-
able softness of detail. There are warm apricot-gray highlights to both
sides, as well as scattered Hyspccks that preclude a full Gem rating. Mint
luster is satiny in texture and pleasingly vibrant.

PCGS# 3948.

212 1921-S MS-64 (NGC). Warmly patinated in apricot-gray shades, this

satiny near-Gem is a pleasingly original survivor of a low-mintage San
Francisco Mint issue. A few well-scattered blemishes and a bit of striking
softness over the bison’s head and shoulder are the only features that seem
to preclude an even higher grade.

PCGS# 3948.

215 1925 MS-67 (NGC). Rarely encountered this nice, we wholeheartedly

recommend this '23-P Nickel for inclusion in the finest Buffalo Nickel
set. Billowy mint luster is adorned with mottled blushes of ice-blue, gold
and pale-orange iridescence. Sharply struck throughout, with a nary a
detracting blemish in evidence.

Combined PCGS and NGC Population: only 18; none are finer.

PCGS# 3949.

Nearly Full Strike 1923-S Buffalo Nickel Condition Rarity

214 1925-S MS-66 (NGC). We are pleased to be offering several low-pop Buffalo Nickels in this sale for the consideration of our bidders. Included in this

group, of course, is the present ‘23-S in NG( MS-66. The surfaces are exceptionally well preserved with full satin luster and nary a distracting blemish to
report. As impressive as these attributes are. they nearly pale to insignificance when we consider the striking quality that this coin possesses. It is among the
sharpest that we have ever seen on a 23-S Nickel, and only the most trivial softness of detail over the tops of the letters in the word LIBERTY on the obverse
and the bison s head and shoulder on the reverse prevent us from describing the strike as full. A lovely representative, nonetheless, and a coin that belongs
in the finest NGC Registry Set.

Combined PCGS and NGC Population: only 6; 0 finer.

PCGS# 3950.

Page 32

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Extraordinary 1925-D Buffalo Nickel

NGC MS-66

215 1925-D MS-66 (NGC). We are pleased to be offering multiple high-quality examples of this extremely challenging mintmarked Buffalo Nickel from the

1920s in this important Rarities Sale. The present lot offers an exquisite, premium-quality Gem that certainly possesses one of the sharpest strikes known
in an example of the issue. The obverse is crisply delineated throughout, while the'reverse reveals only minimal softening of the detail over the bison’s head,
shoulder and tail. None of the latter features are even remotely distracting, and there are also no grade-limiting blemishes in evidence. Fulsome satiny luster
shimmers from rim-to-rim, and it is accented by otherwise silver-gray tinting that yields to blushes of warmer orange-apricot iridescence toward the left rims.
Condition Census!

NGC Census: only 9; none are finer.

PCGS# 3955.

216 1925-D MS-65 (PCGS). An impressive strike and condition rarity,
this ‘25-D Nickel is overall boldly defined with nary a distracting blemish
in evidence. There is hardly any bothersome lack of detail on either side,
and even softness to the bison’s head is extremely minor by the standards
of this often poorly impressed issue. An overlay of blended tannish-gray,
powder-blue and lavender patination is also a praiseworthy attribute,
even though a few angles reveal the faintest streakiness to some of the
colors.

PCGS# 3955.

217 1925-S MS-64 (ANACS). Lustrous, satiny surfaces are graced with
warm silver-gray patina on the obverse that assumes an orange-gray cast
on the reverse. Direct angles call forth soft lilac and blue-gray undertones
in select areas. The strike is fairly bold on the obverse and, while it is no¬
ticeably soft on the reverse, it is still better executed than that seen on
many examples of this challenging S-mint issue. A very shallow, semi-cir¬
cular graze on the obverse over and before the Native American’s portrait
is noted—it seems to have been formed from a counting machine.

PCGS# 3956.

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Page 33

The April 2008 Chicago Rarities Sale « Session One

Probable Finest-Known

A Breathtaking MS-66 ★ with a Combined

218 1926-S MS-66 ★ (NGC).The 1926-S has the low¬
est mintage of any business strike issue in the entire
Buffalo Nickel series of 1913-1938. Only 970,000
pieces were produced, which is also one of only two
mintage figures less than 1 million coins posted by any
regular-issue, business strike Nickel produced during
the 20th century. The other issue in this highly select
group is the 1912-S Liberty with just 238,000 pieces
struck.

According to David W. lange in the 2000 book The
Complete Guide to Buffalo Nickels, Second Edition , the
1926-S is the rarest Buffalo Nickel in AU and Mint
State. The author further describes Mint State exam¬
ple: as “very scarce,” and he opines that Gems are
nearly unknown.” Given the extreme popularity of
the Buffalo Nickel series and the large number of col¬
lectors that are competing to assemble high-quality
date and mint sets of this type, the 1926-S seems even
rarer in Mint State from a market availability stand¬
point than it is in an absolute sense. Even low-end
pieces in MS-62 do not appear at auction or in dealers’
inventories with any degree of frequency, and the coins
sell very, very quickly when they do become available.
Perhaps needless to say, this situation is even more pro¬
nounced for examples that grade MS-63 or finer, such

pieces almost always characterized by the above-aver¬
age technical quality and relatively strong eye appeal
that collectors find so appealing.

This is one of only a handful of Gem 1926-S Nick¬
els that this cataloger has had the privilege of describing
over the course of a numismatic career that has
spanned 10+ years. This should come as no surprise to
read for collectors that are aware of current PCGS and
NGC population data for this issue at and above the
MS-63 grade level. As of February 2008, PCGS has
certified only 11 examples in MS-65 and no coins
finer. NGC reports a mere six pieces in MS-65 (one
example with a ★ designation) and two MS-66s, one
with a ★ designation and one without that distinction.
These figures yield a total of 19 coins certified in MS-
65 and finer grades. It is unlikely that very many resub¬
missions are included in that total, but if we make
allowance for a few such entries then a reasonable es¬
timate for the number of Gem-quality 1926-S Nickels
known would be 15-19 coins.

Page 34

Bowers and Merena Auctions

plate coin on page 130 of the aforementioned Buffalo
Nickel book by David W. Lange. We call particular at¬
tention to the letters in the word LIBERTY in this re¬
gard, which are indistinct near the rim on the plate
coin but fully defined on the present example. The
central highpoint definition that this piece exhibits is
also bolder than that evident on the Lange plate coin.

As important as the striking quality is to the desir¬
ability of this coin, it is not the only impressive attrib¬
ute. We note a full endowment of satiny mint luster, as
well as beautiful toning in a dominant orange-copper
shade. The patina evenly blankets both sides, but it
does reveal mottled powder-blue, pink and orange-
apricot undertones when the coin dips into a light.
There are no distracting blemishes, and the eye appeal
easily upholds the ★ designation from NGC. This
coin lays serious claim to the title of “finest known”
for this key-date Buffalo Nickel, and it is a coin that
would confirm the importance of whatever collection
in which it is included.

NGC Census: only 2 (1 in MS-66 and the present example as an
MS-66*); 0 finer. PCGS has not certified a single 1926-S Nickel
finer than MS-65.

PCGS# 3959.

The paucity of Gem 1926-S Nickels in numismatic
circles can be most easily explained by the relatively
limited number of Mint State survivors. Poor striking
quality also plays a part, however, as many ‘26-S Nick¬
els were struck from worn dies that were probably re¬
tained from previous years. As a rule, the major
third-party certification services will not grade Buffalo
Nickels of any issue higher than MS-64 if one or both
sides possess extremely soft definition. It is entirely pos¬
sible, therefore, that there are some fully lustrous and
overall smooth examples of the 1926-S that have been
placed into MS-64 holders because of poor striking
quality.

The present Gem, however, is not affected by both¬
ersome lack of detail. The reverse die appears to have
been relatively fresh when this coin was struck, and the
overall definition on that side is sufficiently bold and
well above average by the standards of the issue. The
same can also be said for the obverse, and the strike
that this piece exhibits is superior to that seen on the

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Page 35

The April 2008 Chicago Rarities Sai e • Session One

219 1927-S MS-66 ★ (NGC). Unlike most S-mint Buffalo Nickels produced during the Roaring Twenties, poor striking detail is seldom a
problem for the 1927-S. With this fact in mind, one might expect that this issue would be more obtainable in MS-66 than, say, the 1923-
S. This is just not true, and the 1927-S is equally as elusive in the finest Mint State grades as many of the leading strike rarities in the entire
Buffalo Nickel series. The issue as a whole was simply not handled with enough care by knowledgeable numismatists for a large number of
premium-quality Gems to have survived. The ‘27-S is unknown in Superb Gem Mint State.

Originally and attrac iivt ly toned, both sides are veiled in soft olive-gold and, to a lesser extent, apricot-silver patina. Smooth and satiny,
the surfaces also reveal extremely modest hints of semi-reflectivity when the coin dips into a light. On the other hand, even careful inspection
fails to reveal a grade-limiting blemish. A definite highlight of our extensive Buffalo Nickels offerings in this sale, this lovely Gem is a serious
contender for the title of “Finest-Known 1927-S Nickel.”

■ 1 " : I -1 ■ .ilikt iiKlu.it ( * «lcM£iutM»n Ji ivirt of the grade

220 1927-S MS-64 (PCGS). A sharply executed strike is a typically en¬
countered characteristic among survivors of this S-mint issue. The level
of surface preservation, however, is well above average with full satin lus¬
ter and a noteworthy lack of distracting blemishes. Warmly toned in tan-
nish-gray patina, this coin has strong eye appeal that would do justice to
a collection comprised mostly of Gem-quality Buffalo Nickels.

221 1928-S MS-65 (NGC). While the ‘28-S typically comes with a well-

executed strike by the standards of the San Francisco Mint, few examples
are as sharply impressed as the present Gem. In fact, there are no areas
of bothersome lack of detail on either side. Light silver-gray patina en¬
velops both the obverse and the reverse and assumes a warmer, golden-
silver cast when the surfaces dip into a light. A satiny Gem that is free of
distracting abrasions or other blemishes.

PCGS# 3965.

Page 36

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Awe-Inspiring 1937-D 3-Legged Buffalo Nickel

222 1937-D FS-020.2. 3-Legged. MS-66 (NGC). This is the second time in recent memory that this coin has passed through this cataloger’s hands, and it

is every bit as beautiful as he remembers. Both sides shimmer with exceptional jnmt luster that is seldom as vibrant on other Mint State 3-Legged Nickels.
The texture is predominantly satiny in quality, but some modest, softly frosted tendencies are appreciable as the surfaces rotate under a light. The toning is
also a noteworthy attribute, being predominantly lilac-silver in shade with warm medium-orange highlights in select peripheral areas. As sharply struck as
one could realistically expect, and essentially void of even trivial blemishes, it should come as no surprise to read that this coin is solidly in the Condition
Census for this popular 20th century Mint error. Worthy of a strong bid in all regards!

NGC Census: 16; with a single coin finer as MS-68.

PCGS# 3982.

223 1937-D FS-020.2. 3-Legged. MS-63 (PCGS). A beautiful and hilly
original example, both sides exhibit dominant dove-gray patina over
satin-textured surfaces. Direct angles, however, call forth warm lavender-
pink, powder-blue and antique-gold undertones that are perhaps more
vivid on the obverse. Boldly defined and free of distracting blemishes, this
coin would probably have secured an even higher grade were the luster
a bit more vibrant in sheen.

PCGS# 3982.

224 1937-D FS-020.2. 3-Legged. AU-58 (PCGS). Light golden-apricot
patina blankets the reverse, the color also present around the obverse pe¬
riphery. The balance of the latter side is essentially brilliant, and all areas
are equally free of mentionable abrasions. Well defined and attractive,
this is one of the most pleasing near-Mint examples of the 3-Legged
Nickel that we have handled in quite some time. Housed in an older
PCGS holder with a light-green insert.

PCGS# 3982.

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Page 37

The April 2008 Chicago Rarities Sale • Session Qnf.

225 1940 Reverse of 1940. Proof-68 (NGC). This wholly original Su¬

perb Gem is exceptionally well preserved for a survivor of this early-date
proof Jefferson Nickel. Neither side reveals so much as a single distracting
blemish. The mint finish is uniformly brilliant and vibrant beneath a
dusting of mostly orange-silver patina. The dominant toning does, how¬
ever, yield to either silvery brilliance (obverse) or pale powder-blue tinting
(reverse) in the centers. Fully struck, and sure to please.

Combined PCGS and NGC Census: only 5; 0 finer. There arc also no Proof-68s listed among the

Cameo-designated examples at either service.

PCGS# 4177.

Gem 1942-D/Horizontal D
Jefferson Nickel

226 1942-D/Horizontal D FS-027, VP-001. MS-65 5FS (NGC). The
initial D mintmark was punched into the die in a horizontal position.
While the mistake was recognized and a second D added in the proper
alignment, the initial D was not effaced and can still be seen with the aid
of a loupe. This is a very rare RPM in all grades, and most examples en¬
countered in numismatic circles are considerably worn. Among the few
Mint State survivors, poor striking detail is the norm—a fact that further
confirms the importance of this NGC-certified Gem.

This piece exhibits above-average striking detail that is essentially full
on the obverse and very nearly so on the reverse. The surfaces are unde¬
niably Gem in quality with shimmering, satin-to-softly frosted luster
and nary a distracting blemish to report. Warmly patinated in pinkish-
gray shades, this coin comes highly recommended for inclusion in an
NGC Registry Set of Jefferson Nickels w/Varieties.

227 1957-D MS-66 FS (PCGS). This top-of-the-pop Jefferson Nickel

strike rarity belongs in a high-ranked Registry Set. Both sides are smartly
impressed throughout and free of all but a few wispy abrasions. Delicate
golden iridescence graces lustrous, satiny surfaces and further enhances
the eye appeal of this impressive Gem.

PCGS Population: only 8; 0 finer.

PCGS# 84062.

Half Dimes

BU 1794 Half Dime

228 1794 V-4, LM-4. Rarity-4. MS-61 (ANACS). The United States’
premier Half Dime series, the Flowing Hair type that is attributed to
Chief Engraver Robert Scot has a total mintage of just 86,416 pieces.
That figure includes coins dated both 1794 and 1795, all of which were
delivered in the latter year. In fact, the entire mintage for the 1794 is be¬
lieved to comprise just a single deliver of7,756 pieces dated to March 30,
1795. This is only 9% of the total mintage for the series, and the 1794
is easily the rarer of the two issues of the type.

The obverse is bathed in golden-blue patina, a few swirls of feint hazi¬
ness being concealed from view at all but a few isolated angles. The re¬
verse is even more handsome, and it features mingled shades of
antique-copper, lavender-pink and blue-gray colors. Well struck with
more-or-less bold definition to both the devices and the rims, this coin
is also uncommonly smooth in the context of the BU grade.

PCGS# 4250.

229 1795 V-6, LM-9. Rarity-4. EF-45 (PCGS). A scarcer die marriage

among 1795 Half Dimes, this Choice EF is richly toned in blended char¬
coal-copper and midnight-blue shades. The strike is a bit soft at the ob¬
verse rim and over the eagles tail on the reverse, but all major design
elements remain bold even despite overall light wear. In feet, the lack of
detail over and around the eagle’s tail seems to be associated with some
light adjustment marks (as struck) imparted in the Mint in an effort to
bring the planchet into the legal weight tolerance for this denomination.
Largely free of outwardly noticeable abrasions, this is an originally pre¬
served coin that would fit nicely into a circulated type set.

PCGS# 4251.

Page 38

Bowers and Mf.rf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

230 1835 V-5, LM-8.1. Rarity-2. Small Date, Large 5C. MS-65
(NGC). Full, satiny luster and light, iridescent-apricot tinting provide
strong eye appeal for this Gem-quality type candidate. Sufficiendy sharp
in strike, but with a moderate scrape in the left-reverse field that does
seem significant in light of the assigned grade.

PCGS# 4284.

231 1854 Arrows. MS-66 (NGC). Undeniably original, both sides are

splashed in mottled shades of copper-russet, reddish-orange, sea-green
and blue-gray colors that do, however, allow some silvery near brilliance
to peer through here and there. Overall sharply struck, with smooth,
satiny surfaces that are sure to endear this coin to high-grade type collec¬
tors that also appreciate multicolored toning.

NGC Census: 16; and only three are finer in MS-67.

PCGS# 4358.

232 1859 Proof-65 (PCGS). Sharply, if not folly struck throughout, both

sides are bathed in richly original, olive-copper patina. A few small swirls
of pinkish-silver tinting are intermingled here and there on the obverse,
and we further note copper-russet highlights in select peripheral areas. In
addition to its status as a scarce, early proof issue in the Seated Half Dime
series, the 1859 is important as a one-year type with the hollow-center
stars obverse hub variety.

PCGS# 4438.

233 1859 Proof-65 (NGC). This gorgeous Gem has two markedly differ¬

ent “looks” depending upon the angle of light incidence. Indirect angles
display mostly olive-gray patination. Direct light, however, calls forth
vivid olive-gold and, at the borders, reddish-pink and apricot iridescence.
Watery reflectivity from the mint finish is also best appreciated when the
surfaces dip into a light.

PCGS# 4438.

234 1859-0 MS-65 (NGC). The final Stars Obverse Half Dime struck in
the New Orleans Mint, the 1859-0 is a scarcer issue with just 560,000
pieces produced. As a folly lustrous, silky smooth Gem, the coin that we
are offering here is decidedly rare from a condition standpoint. Both
sides are attractively toned in rich reddish-gray shades that yield to softer
powder-blue highlights in many areas at the denticles. The strike is pleas¬
ingly sharp throughout, and a smooth, satiny texture is folly appreciable
as the coin rotates under a light.

JJGC Census: only 11; with a mere four finer through MS-67.

PCGS# 4370.

235 1868 MS-65 (NGC). A semi-prooflike Gem, both sides radiate notice¬

able reflectivity from the fields. The devices, on the other hand, are satiny
in sheen, and they are also sharply struck in all areas save for over the
upper-left reverse wreath. Untoned with exception of the lightest silvery
tinting that appears to drift toward the left borders.

NGC. Census: 11; with a further 11 finer.

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Page 39

Thf. April 2008 Chicago Rarities Sait * Session One

Dimes

Conditionally Challenging
1797 JR-2 Dime

236 1797 JR-2. Rarity-4. 13 Stars. AU-55 (NGC).This is the (slightly)
rarer of the two-known die marriages of the 1797 Draped Bust Dime,
and it accounts for approximately 45% of the issue’s survivors. Seldom
encountered above the EF grade level, the present example is also a note¬
worthy condition rarity. Minimally worn over the highpoints, the sur¬
faces are uncommonly free of distracting abrasions for an early U.S. silver
coin that saw actual circulation. Both sides are actually quite smooth,
and they are bathed in warm, even, charcoal-gray patina. Intermingled
lavender highlights are also noted for the reverse. While the strike is a
bit soft in the centers, it does sharpen considerably toward the rims.

237 1805 JR-2. Rarity-2. 4 Berries. AlJ-55 (PCGS). CAC. A suitable

Choice AU type candidate, the 1805 JR-2 vies with the 1807 JR- 1 as the
most frequently encountered Draped Bust Dime in today’s market. Gen¬
erally untoned, this silver-gray example retains considerable portions of
original mint bloom that are best appreciated at direct angles. An other
wise bold strike wanes a bit along the left-obverse border, but this feature
is not overly distracting for a product of the early U.S. Mint. Also of note
arc scattered abrasions, none of which are singularly distracting save per¬
haps for a very thin graze that biseas the reverse through the eagle’s head.

238 1823/2 JR-3. Rarity-2. Urge E’s. MS-65 (NGC). Splashes of pink
ish-lavender iridescence on the reverse interrupt an otherwise antique
copper and charcoal toning scheme. This is a generally well-struck coin
whose surfaces are fully lustrous and free of grade-limiting abrasions. A
strong candidate for inclusion in a high-grade type set that requires an ex¬
ample of the large Size Capped Bust Dime series. Conditionally rare!

NGC Census (all die marriages): only 6; with a mere finer, all of which grade MS-66.

PCGS# 4499.

239 1823/2 JR-3. Rarity-2. Urge E’s. MS-63 (NGC). The reverse is
particularly attractive with rich, target-like, golden-blue and lavender-
gray patina. The obverse is equally original, but it displays more mottled
antique-copper and midnight-blue colors. An otherwise sharp strike soft¬
ens in just a few isolated areas, and neither side reveals an outwardly dis¬
tracting abrasion. There is an obverse planchet streak (as struck) through
star 1, but it is well concealed by the toning at most angles. JR-2 is the
most plentiful of the three-known die marriages of this issue, all of which
arc overdates.

PCGS# 4499.

240 1829 JR-12. Rarity-3. Medium 10C. MS-64 (NGC). Satiny in
sheen, the surfaces are not especially vibrant in the luster category. On the
other hand, both sides are smooth and free of bothersome abrasions. A
silver-gray example with a bold strike to most elements of the design.

241 1838 Urge Stars. MS-67 (NGC). Breathtakingly beautiful, this No

Drapery Seated Dime belongs in a high-grade type set that also showcases
originality. Fully lustrous, ffosty-textured surfaces are bathed in rich char-
coal-copper patina. Direct angles, however, call forth more vivid golden-
blue and orange-pink undertones, particularly at the denticles. There is
nary a distracting abrasion to report, and the strike is razor sharp over the
central design elements.

Combined PCGS and NGC Population, only 9; and just two arc finer in NGC MS-68.

PCGS# 4568.

Page 40

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

242 1838 Small Stars. MS-64 (PCGS). CAC. Lustrous, satin-to-softly
frosted surfaces are veiled in warm golden-apricot patina. This is a sharply
impressed coin, and an overall lack of abrasions is also sure to be of in¬
terest to high-grade type collectors. All 1838 Small Stars Seated Dimes
were struck from a double reverse die. Look for this feature particularly
at the letter D in DIME.

PCGS Population: only 8; with a mere eight finer.

PCGS# 4569.

243 1858 Proof-65 (NGC). This early proof Seated Dime has an unknown

original mintage. Based on the number of coins extant and the likelihood
that many examples were destroyed in the Mint as unsold, most numis¬
matists accept an estimated mintage of300+ pieces. This is a lovely Gem
with only minimal toning here and there at the rims. The richest colors
are concentrated at the lower-right reverse border, where both reddish-
copper and midnight-blue shades are represented. Generally sharp in
strike, with an all-brilliant finish from the dies.

NGC Census: 15; 11 finer.

PCGS# 4747.

244 1859 Proof-66 (NGC). Although the proof 1859 has a respectable
original mintage of 800 pieces, survivors are much rarer in numismatic
circles than that total might imply. Many examples undoubtedly re¬
mained unsold by years end and were subsequendy melted in the Mint.
The present specimen not only survived, but it did so without acquiring
any blemishes that would preclude a full Gem grade. The surfaces are
uniformly reflective in finish beneath an overlay of deep midnight-blue
and, in the centers, softer apricot and tannish-gray shades. Fully struck,
and sure to be interest to advanced Seated Liberty specialists that appre¬
ciate rich toning.

PCGS# 4748.

245 1864 Proof-66 Cameo (NGC). Anything but common in todays

market, the proof 1864 Seated Dime was produced during the chaotic
penultimate year of the Civil War. Although many of the 470 pieces
struck were probably destroyed as unsold at years end, the present exam¬
ple escaped the melting pot and then survived the passage of time with
great care on the part of its various owners. As such, there are no grade-
limiting contact marks in evidence. Both sides are boldly contrasted be¬
tween frosty, fully struck devices and shimmering, mirror-finish fields.
Rare in its own right, and of further importance due to the infrequency
with which business strike 1864 Dimes are encountered at even the
largest numismatic gatherings.

NGC Census: only 4; with a further four finer.

PCGS# 84757.

246 1865 Proof-66 (NGC). From a combined proof and business strike
mintage of only 10,500 pieces comes this beautiful, Gem-quality speci¬
men striking of the 1865 Seated Dime. Fully impressed from the dies,
both sides are silent on the subject of distracting blemishes. The surfaces
are veiled in the lightest golden-silver tinting but, even though a Cameo
designation is also not included as part of the grade, one can appreciate
genuine field-to-device contrast at select angles. An aesthetically pleasing
coin, and a very rare issue at such a high level of preservation.

Combined PCGS and NGC Population: only 8; with a mete three finer in Proof-67.

PCGS# 4758.

David Hall
Founder of PCGS

nr r
i v* ^

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

View online at www.bowersandmerena.com
Questions? E-mail auction@bowersandmerena.com

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Page 41

The April 2008 Chicago Rarities Sale » Session One

Exquisite 1866-S
Seated Dime Rarity

A Condition Census Gem

247 1866-S Greer-101. MS-65 (NGC). Similar in rarity to the 1867-S,

the 1866-S is a very scarce-to-rare issue in all grades that is more challeng¬
ing to locate than the 1865-S. Not only is the ‘66-S a low-mintage coin
with just 135,000 pieces produced, but it circulated heavily on the fron¬
tier during an era when there was little-to-no numismatic interest in
branch mint coinage. When encountered at all in todays market, the
1866-S is apt to grade no higher than Fine. In Mint State, this is an ex¬
tremely rare issue that is the province of advanced specialists in Seated
Liberty coinage.

Like all examples of the 1866-S Dime, this piece has a weakly im¬
pressed S mintmark. The exceptionally high level of surface preservation,
however, ensures that this all-important feature is clearly discernible. The
balance of the devices are sharply defined beneath an overlay of soft,
satiny mint luster. Crescents of warm apricot patina adorn the peripheries
and enhance already impressive eye appeal. Condition Census, and wor¬
thy of serious bidder consideration, as such.

248 1867 Proof-65 (NGC). The Philadelphia Mint struck just 6,000 busi¬

ness strike and 625 proof Seated Dimes in 1867, a limited total of 6,625
pieces that confirms the key-date status of this date. The present Gem is
a richly toned survivor of die year’s proof delivery, both sides drenched
in blended charcoal-blue and lavender-charcoal patina. Sharply struck
throughout with a smooth outward appearance, this coin should be of
obvious importance to date and mint collectors of Seated coinage.

249 1886 MS-66 (PCGS). An uncommon level of preservation for this

otherwise relatively plentiful issue, we wholeheartedly recommend this
coin for high-grade type purposes. Both sides possess full, frosty luster
and uncommonly sharp-looking devices. In feet, even the often problem¬
atic, upper-left portion of the reverse wreath is quite sharply delineated.
As if these features were not impressive enough, we are pleased to report
that the surfaces are richly and originally toned in olive-gray, orange-
apricot and, in the centers of the reverse, tannish-gray shades. The colors
assume a more vivid appearance when the coin dips into a light. Housed
in an older PCGS holder with a light-green insert.

PCGS Population: 28; and only seven are finer, all of which grade MS-67.

PCGS# 46%.

250 1886-S MS-67 (NGC). Phis is a very scarce issue in all grades, pro¬

duced as it was to the extent of just 206,524 pieces. In the finest Mint
State grades, of course, the 1886-S is nothing short of rare, the present
example easily qualifying as Condition Census. Fully lustrous, softly
frosted surfaces are bathed in pretty pinkish-orange patina that appears
to drift toward the borders. The strike is uncommonly full for an example
of the Legend Obverse Seated Dime type, and even the upper-left reverse
wreath is crisply delineated. With no distracting abrasions, we whole¬
heartedly recommend this coin for inclusion in the finest collection of
Seated coinage.

251 1891-S MS-67 (NGC). Solidly in the Condition Census for this oth¬

erwise plentiful issue, this ‘91-S Dime belongs in a high-grade, final-year
type set. It is a lovely coin whose brilliant surfaces shimmer with full,
softly frosted luster. The strike is also impressively sharp for a Legend
Obverse Seated Dime, remaining strong, as it does, over the upper-left
portion of the reverse wreath. With nary a distracting abrasion to report,
this coin comes highly recommended.

Combined PCGS and NGC Population: just 6; with a single MS-68 finer at the Utter service.

PCGS# 4708.

Page 42

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

254 1907-D MS-66 (PCGS). This second-year Dime from the Denver
Mint is a major condition rarity in the finest Mint State grades. A Con¬
dition Census Gem, the coin in this lot is also handsomely toned over
full, softly frosted luster. The obverse exhibits mottled reddish-russet pe¬
ripheral highlights over a base of silver-gray patina. The reverse is even
more richly toned in blended blue-gray, dove-gray and olive-gold shades.
Sharply struck and smooth, it will probably be quite some time before
an ‘07-D Dime of similar quality is made available for purchase.

PCGS Population: just 5; with a lone MS-67 finer.

PCGS# 4843.

From Heritages sale of the Dr. Steven L. Duckor Collection, January 2006, lot
1015. Earlierfrom our sale of the Louis E. Eliasberg, Sr. Collection, April 1996,
lot 1289.

257 1909-0 MS-66 (PCGS). An important representative of a condition¬
ally challenging O-mint Barber Dime, this premium-quality Gem is pos¬
sessed of silky smooth surfaces and full, satin-to-softly frosted luster.
Sharply struck, as well, with a dusting of warm pinkish-silver patina that
is perhaps a bit more vivid on the obverse. The 1909-0 enjoys strong de¬
mand among both final-year type collectors and Barber coinage special¬
ists due to its status as the last United States Dime struck in the New
Orleans Mint.

PCGS Population: 11; 2 finer (MS-67 finest).

PCGS# 4852.

Ex: Law.

252 1892 MS-67 (NGC). This richly original example is toned in cobalt-

blue, lavender-gray, golden-blue and reddish-orange colors. Fully frosted
and smooth, we wholeheartedly recommend this coin to first-year type
collectors that insist on obtaining the finest in technical quality and orig¬
inality.

NGC Census: 22; 0 finer.

PCGS# 4796.

255 1908-S MS-65 (PCGS). A blush of handsome reddish-orange patina

along the upper-obverse border interrupts an otherwise brilliant sheen.
This coin is fully lustrous and frosty with an expectably sharp strike to
the devices. What is uncommon about this piece for a 1908-S Barber
Dime is that there are no mentionable abrasions save for a wispy obverse
slidemark over Liberty’s neck. Conditionally rare, as such, and worthy of
inclusion in an advanced set of Barber coinage.

PCGS# 4849.

253 1897 MS-66 (PCGS). This coin may be a bit dark for some buyers,

but the toning is sure to appeal to proponents of originality. The obverse
exhibits rich lavender-copper patina that blends with blue-gray shades at
the borders. The reverse is brighter, cobalt-blue rim highlights framing
an orange-copper center. Fully struck and smooth, with frosty mint luster
that remains vibrant despite the depth of the toning.

PCGS Population: 33; with a mere four finer in MS-67.

PCGS# 4812.

256 1909-D MS-65 (NGC). Mottled medium-blue and orange-gold iri¬

descence enlivens a blanket of softer, apricot-gray patina. Undeniably
original, and solidly graded as a Gem, this coin is sure to please the ad¬
vanced collector of Barber coinage. The ‘09-D Dime is a scarce-to-rare
issue in all grades with just 954,000 pieces produced.

NGC Census: 12; with a mere two finer in MS-66.

PCGS# 4851.

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Page 43

The Ai-rii. 2008 Chicago Rarities Sai i • Session One

258 1924-S MS-64 FB (PCGS). Although presenting as brilliant at select angles, this coin is lightly toned in golden-tan iridescence that is perhaps a bit more

extensive on the obverse. Sharply struck throughout—an uncommon attribute for a ‘24- Dime—and nearly smooth enough to have secure a full Gem rating.

PCGS# 4947.

Finest-Known 1927-S Mercury Dime

259 1927-S MS-67 FB (NGC). The N( i( Registry Set collector that specializes in Mercury Dimes cannot afford to overlook this lot. It offers
the single highest-graded example of the strike rarity 192^-S. A lovely example, and fully Superb, both sides are adorned in light, silvery iri¬
descence with mottled blushes of reddish-russet toning at the rims. The surfaces are exceptionally smooth, and they are actually close to pris¬
tine. Finally, we note a razor-sharp strike that extends from the borders to the all-important central-reverse crossbands. Perfection in an
example of this challenging S-mint Mercury Dime!

260

1941 MS-68 FB (NGC). Bursting with vibrant mint frost, this no-questions Superb Gem is free of even a single noticeable distraction. The outward
appearance is actually pristine, and even a casual perusal of the surfaces is sufficient to reveal impressively sharp striking detail. Untoned on the reverse, with an
even endowment of soft-pink iridescence to the obverse. Conditionally rare!

Combined PCGS and NGC Population: only 8; 0 finer.

Page 44

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

261 1942/1 FS-010.7. AU-50 (ANACS). There is a base of warm or¬

ange-gray patina on both sides, the obverse periphery being splashed
with richer lavender-charcoal overtones. Both sides exhibit light wear
and scattered abrasions from commercial use, but the overall detail re¬
mains bold and there are no overly distracting handling marks. The un¬
derdigit is clearly discernible without the aid of a loupe.

PCGS# 5036.

Blazing-White, Gem Full Bands
1942/1-D Dime

264 1943 MS-68 FB (NGC). A common issue in an uncommon grade,

this ‘43-P is a simply breathtaking representative of the ever-popular
Mercury Dime. Both sides are awash in rich, frosty luster that is undis¬
turbed by even a single grade-limiting abrasion. Bright and brilliant, with
a razor-sharp strike that equally touches the central highpoints and the
peripheral devices. Tied for finest known, and housed in an older NGC
holder with a thick border and large hologram.

NGC Census: only 1; and none are finer. The corresponding population at PCGS is just 3/0.

PCGS# 5045.

265 1944-S MS-68 FB (NGC). Swirling cartwheel luster accents sharply

impressed features on both sides of this lovely Superb Gem. The overall
appearance is one of radiant mint brilliance, and a tiny toning spot on
the reverse at the first A in AMERICA is hardly worth mentioning.
Among the finest known!

Combined PCGS and NGC Population: only 12; 0 finer.

PCGS# 5055.

266 1945 MS-64 FB (PCGS). The demands of increased wartime pro¬

duction proved too great for the Philadelphia Mint to handle as far as the
1945 Mercury Dime is concerned. Lowering its quality control standards
to produce 159.1 million pieces in a timely manner, the facility delivered
many poorly impressed coins that lack full definition to the central re¬
verse crossbands. A noteworthy exception, the present near-Gem is
sharply impressed throughout. Both sides also possess full mint luster
beneath a dusting of pale-golden iridescence. A thin abrasion on the re¬
verse over and below the lowermost crossband the binds the center of
the fasces is not really outwardly noticeable, but we mention it because
of its location. It does not, however, affect the separation between the
crossbands. The PCGS holder is a first-generation variant.

PCGS# 5057.

262 1942/1-D FS-010.8. MS-65 FB (NGC). Just shy of Condition Cen¬
sus standing for this popular 20th century overdate, this coin is a real
delight to behold. Both sides are fully brilliant with a bright, frosty-white
sheen. Crisply impressed and all-but abrasion free, we could have easily
seen this coin grading MS-66 FB when it was submitted to NGC. Wor¬
thy of inclusion in the finest specialized collection of Mercury Dimes.

NGC Census: only 7; 6 finer.

PCGS# 5041.

263 1942/1-D FS-010.8. MS-64 FB (NGC). A “double error,” FS-010.8
is not only an overdate, but also an RPM with a D over D that is slanted
to the west. Although discovered as long ago as the early 1960s, the ‘42/1-
D remains scarce in all grades and genuinely rare in Mint State. This is
a beautiful, frosty-white example that is knocking on the door of a full
Gem grade. Brilliant and highly lustrous, there are also no distracting
abrasions to inhibit the eye appeal. A sharp strike rounds out an impres¬
sive list of noteworthy attributes.

NGC Census: 20; 13 finer.

PCGS# 5041.

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Page 45

The April 2008 Chicago Rarities Salk • Session One

267 1953 MS-67 FB (PCGS). An impressive strike and condition rarity,

this Superb Gem belongs in the finest Registry Set of Roosevelt Dimes.
Both sides are sharply struck, fully lustrous and free of grade-limiting
abrasions. Originally toned in blue-gray and, in the centers, lavender col¬
ors, obviously from years of storage in a cardboard Mint Set holder.

PCGS Population: just 6: and none ate finer.

Twenty-Cent Pieces

268 1875-S MS-65 (PCGS). With full, frosty luster and pleasingly smooth

surfaces, this coin belongs in a high-grade type set. Both sides are veiled
in soft, silvery iridescence through which razor-sharp striking detail is
readily appreciable after even a cursory perusal of the surfaces. All-in-all,
an exceptional representative of this short-lived, odd-denomination U.S.
series from the late 19th century.

269 1876 Doubled Die Reverse. MS-64 (PCGS). This variety is not
listed in the 2006 edition of the book ( berrypickers' Guide to Rare Die Va¬
rieties of United States Coins by Bill Fivaz and JT. Stanton. Breen (1988)
also does not give this variety a separate listing, but he does state for the
1876 that, “One of the [two] production revs, has hollows in wings, de¬
fect joining wingtip to (T)S and minor doubling on STAT; the other
lac! s these." The former die is the one that the Mint used to strike this
coin, and a loupe does reveal the doubling on the letters STAT in
STATES, as well as on the O in OF. A fully lustrous, frosty near-Gem,
both sides are originally toned in slightly mottled, silver-gray and copper-
apricot iridescence. Sharply struck and overall smooth, this piece is a
pleasing example of one of the scarcest issues in the business strike
Twenty-Cent series. Original mintage: just 14,640 pieces.

Quarters

Pleasing Mid-Grade
1796 Quarter

270 1796 B-2. Rarity-3. VF-30 (PCGS). There are two die marriages
known for the 1796 Quarter, and they are readily attributable by looking
at the position of the 6 in the date relative to both the other digits and
the bottom of Liberty’s bust. Browning-1, which is by for the rarer of the
two varieties, has a low 6 that is away from the bust. Browning-2, on the
other hand, has a high (actually level) 6 that is near the bust.

This is a problem-free VF representative of the United States’ first
Quarter issue. Both sides are toned in dove-gray shades that deepen a bit
in the protected areas around the peripheral devices on the reverse. As
well, there are some intermingled blushes of sandy-gold tinting over and
around the obverse portrait. What we do not see, however, are outwardly
distracting abrasions, and the surfaces are quite smooth despite having
seen considerable circulation. The devices are also overall bold, and only
the eagle’s head is significantly soft in strike. All-in-all, this is a solidly at¬
tractive coin for the grade.

PCGS# 5310.

271 1796 B-2. Raritv-3. G-4 (PCGS). A rare, one-year type with just

6,146 pieces produced, the 1796 Quarter enjoys extremely strong collec¬
tor demand at all levels of preservation. The present lot offers a well-
worn survivor that does, however, retain outline definition to all of the
major devices on the obverse. The reverse is only marginally less well de¬
fined, with only the lower-left peripheral area wom smooth. A pair of ver¬
tical scrapes over the left-center reverse appear to have been with the coin
for many, many years, and they have toned in the same dove-gray shades
that blanket both sides. The PCGS holder is an older variant with a green
insert.

PCGS# 5310.

Page 46

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

272 1806 B-2. Rarity-4. AU-50 (PCGS). CAC. A strong candidate for
inclusion in a higher-grade type set, this early Quarter is minimally worn
with sufficiently bold definition to the major design elements. The dies
were not properly aligned in the press at the time of striking, however,
and we note considerable softness of detail over the central highpoints
and, particularly, along the right borders affecting stars 8-13 on the ob¬
verse and, to a lesser extent, the word AMERICA on the reverse. Rich
copper-charcoal peripheral toning softens to apricot-gray shades toward
the centers. There are essentially no outwardly distracting abrasions—
an uncommon attribute for an early U.S. silver coin that saw 10 points
of circulation.

PCGS# 5314.

273 1818 B-2. Rarity-1. MS-60 (ANACS). A more affordable, yet still
relatively pleasing example, this coin should be of obvious importance for
Mint State type purposes. The obverse is layered in steel-blue and, in and
around the center, reddish-gray patina. The reverse is also toned, albeit
in softer reddish-gray shades that blend with charcoal color in isolated pe¬
ripheral areas. Sharply struck with uncommonly smooth surfaces for the
assigned grade, the surfaces are noticeably muted in sheen from what ap¬
pears to be an old, light cleaning. Interesting clashmarks (as made) are ev¬
ident in the fields on both sides.

PCGS# 5322.

274 1820 B-2. Rarity-2. Large 0. Unc Details—Obverse Damage
(NCS). The stated impairment notwithstanding, this is a very handsome
coin that should have no difficulty finding its way into a Mint State type
set of originally toned coins. Both sides are bathed in rich antique-copper
patina that does lighten a bit over the reverse. That side of the coin also
reveals softer pinkish-gray and blue-gray undertones at direct angles. The
strike is generally sharp for the type and, were it not for a near-vertical
line of tiny scallop-shaped scrapes in the left-obverse field, this coin would
probably have secured an MS-63 or MS-64 grade from one of the leading
certification services.

PCGS# 5329.

275 1820 B-4. Rarity-2. Small 0. AU-58 (NGC). A richly original ex¬

ample of this underrated early Quarter type, both sides are layered in
mottled charcoal-copper patina. More direct angles also reveal splashes
of warmer medium-blue toning, particularly on the reverse around the
eagle. Sharply struck in most areas, with no outwardly noticeable abra¬
sions and only light wear to the highpoints. The original mint finish is
discernible as the coin dips into a light, and it combines satin and mod¬
estly semi-reflective characteristics.

PCGS# 5328.

Handsome, Exceptionally Smooth
1831 Small Letters Quarter

276 1831 B-l. Rarity-2. Small Letters. MS-66 (NGC). The introduc¬
tion of a close collar to the minting process in the late 1820s allowed the
United States Mint to strike coins with a uniform diameter and higher
relief to the devices. This new technology necessitated a modification to
the coinage designs that were then in use, and most of that work was car¬
ried out by Chief Engraver William Kneass beginning in 1829. The
Quarter was one of the least popular denominations among bullion de¬
positors in the early decades of U.S. Mint operations, and its production
was erratic until the introduction of the Seated type in 1838. A such,
Kneass modified version of the Capped Bust Quarter did not enter pro¬
duction until 1831—one of the last Reduced Diameter types to do so.

The 1831 Bust Quarter has an original mintage of 398,000 pieces
that includes two distinct reverse hub varieties. The Small Letters is a
one-year type, since the remaining issues in this series were produced
using the Large Letters design. Although anything but rare in an absolute
sense, the 1831 Small Letters is almost never encountered with the
strong technical quality and awe-inspiring eye appeal of this piece. A
richly toned coin, both sides are layered in gold, cobalt-blue reddish-
lavender and, on the reverse only, apricot-gray colors. The toning has a
somewhat target-like distribution, but we note that the peripheral shad¬
ings do not touch the denticles equally in all areas around the rims. The
underlying luster is both full and vibrant, the texture a mix of satin and
softly frosted qualities. Sharply struck with a silky-smooth sheen, this
coin comes highly recommended for high-quality type purposes.

NGC Census (B-l die pair only): just 2; 0 finer.

PCGS# 5348.

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Page 47

The April 2008 Chicago Rarities Sali • Session One

111 1834 B-l. Rarity-1. O over F in OF. MS-64 (PCGS). This Guide

Book variety was struck using the same reverse die as the 1833 B-2 Quar¬
ter. The word OF in the reverse legend has been re-engraved and the let¬
ters are now connected at their tops by remnants of the first O. While this
is not a rare die marriage in an absolute sense, examples that grade as
high as the present near-Gem are rarely encountered in the numismatic
market. Overall smooth with a lustrous, frosty sheen, both sides are over¬
laid in medium pinkish-silver patina. A sharply executed strike further
enhances the coin’s desirability, while a couple of tiny carbon flecks on
the obverse are not overly distracting to the eye.

PCGS* 5353.

280 1856 MS-65 (PCGS). Sharply struck and satiny, this piece is free of all

but the lightest tinting that is perhaps most evident in the upper-reverse
field. Although the Mint dropped the arrows from the date on the Seated
Quarter in 1856, yearly production at the Philadelphia Mint remained
at 1853-1855 levels through 1858. The 1856, therefore, is one of the
more desirable type candidates of the No Motto design.

PCGS Population: 11; 9 finer.

PCGS# 5438.

279 1851-0—Broadstruck—EF-40 (NGC). This is an extremely rare
issue in the early No Motto Seated Quarter scries that is seldom encoun¬
tered in any grade. The fact that the present example is a legitimate Mint
error only further enhances its desirability among advanced collectors of
Seated coinage. This piece is an example of an uncentered broadstrike
error with the planchct extended in size along the right-obverse border
and in the opposite area on the reverse. The left-obverse border, however,
appears to have nearly the same diameter as a properly struck Seated
Quarter. Lightly worn, the obverse is an FT while the reverse actually
appears to be closer to an AU-50 grade. Both sides are attractively original
with mottled cobalt-blue and reddish-russet highlights over a base of soft,
dove-gray patina. There are few abrasions to report, but a reeding mark
in the upper-left reverse field is worthy of mention.

The New Orleans Mint struck only 88,000 Quarters in 1851, and
most of those coins were melted during the run up in silver prices during
the early-to-mid 1850s. Indeed, the 1851-0 is surpassed only by the
1852-0 for top rarity honors among Seated Quarters produced in this
Southern coinage facility.

PCGS# 5418.

281 1861 MS-65 (PCGS). With deep, rich toning, this coin would fit

nicely into a collection that highlights originality as well as high technical
quality. Both sides possess dominant charcoal patination, although more
direct angles also reveal intermingled gold, blue-gray and medium-pink
undertones. Pleasingly sharp in strike, and free of outwardly distracting
abrasions. The 1861 is one of the more obvious type candidates in the
No Motto Seated Quarter series, a distinction it shares with the 1856,
1857 and 1858.

282 1868 Proof-66 (NGC). Not an easy date to locate in high grades, the

1868 Seated Quarter is a highly elusive coin as a business strike. This lot
offers a richly original proof alternative that is also a noteworthy condi¬
tion rarity. Uniformly mirrored surfaces are veiled in rich golden-charcoal
patina that yields to blushes of cobalt-blue and pinkish-lavender colors
over and around Liberty’s portrait in the center of the obverse. This is a
fully struck coin, and it is of further note due to a lack of distracting hair¬
lines.

PCGS# 5567

278 1834 B-3. Rarity-3. MS-63 (PCGS). Light pinkish-gray patina blankets
mast areas, but there are warmer olive-gray and olive-orange highlights around
the entire obverse periphery and part of the reverse border. A few russet-colored
speckles are also intermingled here and there on the reverse, but neither side
has much to report in the way of grade-limiting abrasions. In fact, we could
have been offering a PCGS MS-64 in this lot if the coin’s surfaces were more
vibrant in the luster category. A pleasing Choice type candidate, nonetheless,
and also a slighdy scarcer die marriage for the 18.34 Bust Quarter.

Page 48

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

283 1873 No Arrows. Closed 3. Proof-66 (NGC). Struck with a Closed

3 in the date, as with all No Arrows examples of the proof 1873 Quarter.
This is a scarcer issue than an original mintage of 600 pieces might sug¬
gest, and we believe that many examples were destroyed in the Mint after
Congress increased the weight of the Quarter with the Act of February
12, 1873. A richly original survivor, both sides exhibit dominant laven¬
der-gray patina that is interrupted by an interesting, hour-glass shaped
swath of olive-charcoal color through the center of the obverse. Equally
smooth throughout, and possessed of suitable vibrancy to the underlying
mint finish, this coin is sure to please the collector that values originality.
Conditionally rare.

NGC Census: only 9; with just six finer through Poof-68.

PCGS# 5572.

284 1873 No Arrows. Closed 3. Proof-65 (NGC). CAC. Blushes of
vivid cobalt-blue and orange-gold iridescence encroach upon otherwise
dominant, tannish-gray patination. There is also a partial crescent of
smoky lavender-gray color along the upper-right reverse border. A fully
struck, Gem-quality representative of the final proof Seated Quarter
struck to the 6.22-gram weight standard.

PCGS# 5572.

285 1873 Arrows. Proof-64 (PCGS). This proof type candidate is veiled

in rich lavender-gray patina with olive-russet outlines to most of the de¬
vices. Some ice-blue undertones are also discernible at direct angles, but
we do not see any outwardly distracting hairlines or other contact marks.

PCGS# 5574.

286 1877 MS-67 ★ (NGC). Despite its status as one of the most common

Seated Quarters of all types in terms of total number of coins known, the
1877 still ranks as an important rarity in Superb Mint State. Not only is
this piece fully lustrous and virtually pristine, but it exhibits delicate lilac-
silver tinting and warmer orange-red rim highlights that undoubtedly
explain the ★ designation for superior eye appeal. Sharply struck, frosty
and worthy of inclusion in the finest set.

NGC Census: only 6; and none are finer with a * designation.

PCGS# 5504.

288 1890 MS-67 (NGC). Both sides exude full, vibrant, frosty mint luster
and a razor-sharp strike. This is a beautifully toned Superb Gem with
reddish-apricot iridescence that is a bit deeper on the reverse. That side
also exhibits a frame of pretty cobalt-blue tinting around much of the
border.

1877 MS-66 (PCGS). Another high-grade ‘77-P Quarter, this PCGS-
certified Gem exhibits otherwise frosty luster that thins to appreciable
brightness in the fields. There is a slightly mottled overlay of copper-apri¬
cot iridescence that is a bit deeper on the reverse; it is original to the coin
and provides a pleasing appearance to both sides. Sharply struck and
smooth, and seemingly earmarked for inclusion in a high-quality type set.

PCGS# 5504.

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Page 49

The Aprii 2008C:i u< \<;<> RariitesSali • Session One

289 1892 MS-67 (NGC). Collectors that arc looking for a high-grade and

richly original example of Barbers Quarter need look no further than
the present lot. This first-year 1892 is awash in rich, blended, antique-
copper and lavender-gray patination that also reveals softer golden-blue
undertones when the surfaces dip into a light. Sharply struck, fully
frosted and expectably smooth for the Superb Gem rating.

NGC Census: 17; 6 finer.

PCGS# 5601.

290 1893 Proof-67 'A’Ultra Cameo (NGC). rhis second-year proof Bar
ber Quarter is one of the most consistently well-produced and attractive
issues in the entire series. A glorious Superb Gem, the present example
has also been expertly preserved in all regards. Smooth and virtually pris¬
tine, the surfaces allow ready appreciation of strong field-to-device con¬
trast. Fully struck, brilliant and destined for inclusion in a stellar-quality
type set of proof coinage.

PCGS# 95679.

Ex: BRS Legacy Collection.

Awe-Inspiring
1896 Proof Barber Quarter

291 1896 Proof-68 Ultra Cameo (NGC). Along with the 1898, the 1896

is the most consistently well-produced issue in the proof Barber Quarter
series of 1892-1915. It should come as no surprise to read, therefore,
that the example in this lot is fully struck over even the most intricate el
ements of the design. On the other hand, even many boldly contrasted
specimens do not display the degree of field-to-device contrast seen on
both sides of this Ultra Cameo piece. The devices are thickly frosted,
whereas the fields are possessed of illimitable depth of reflectivity. The
level of surface preservation is also exceptional, and there is not even a sin¬
gle distracting blemish in evidence. Minimally patinated, and then again
only on the reverse, this coin comes highly recommended for inclusion
in a stellar type set.

NGC Census: 12; 2 finer in Proof-69 Ultra Cameo.

PCGS# 95682.

292 1898 Proof-65 Cameo (NGC). Frosty, fully struck devices contrast

nicely with reflective, mirror-finish fields. Whereas the obverse is mini¬
mally untoned, the reverse is veiled in warm golden-gray patina. A fully
struck, Gem-quality type candidate that is sure to please.

PCGS# 85684.

293 1903-0 MS-65 (PCGS). This late-date New Orleans Mint Quarter is

scarce in circulated grades and quite rare even at the lower reaches of
Mint State. While there are small concentrations of Mint State survivors
at the MS-63 and MS-64 levels, the rarity of the 1903-0 comes to the
fore once again in MS-65. This is an undeniably original Gem whose
surfaces are bathed in copper-gray and steel-gray patination. The under¬
lying luster remains vibrant, and the strike is impressively sharp for an O-
mint Barber Quarter. Not even close inspection with a loupe reveals a
mentionable abrasion, and the validity of the Gem grade is assured in our
minds.

PCGS Population: 11; 5 finer.

PCGS# 5635.

294 1905 Proof-67 (NGC). Sparkling mint brilliance shines powerfully

through an overlay of medium-gold iridescence. With a full strike and
nary a detracting blemish, this Superb Gem would fit comfortably into
a high-grade type set of specimen coinage.

PCGS# 5691.

Page 50

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

295 1907 MS-66 (NGC). Speckled olive-russet and orange-russet patina is

present on the obverse, while the reverse is otherwise lavender-silver in
tone with blushes of vivid olive and red iridescence at the denticles. Com¬
pletely original, this coin is also fully frosted, sharply struck and expertly
preserved in all regards.

NGC Census: just 8; and only three are finer.

PCGS# 5645.

296 1907-D MS-66 (NGC). Brilliant and overall sharply impressed, there

is much to recommend this coin to the collector that desires an example
of this conditionally challenging Barber Quarter. Free of grade-limiting
abrasions with full, if not overly vibrant luster.

Combined PCGS and NGC Population: just 6; and none are finer.

PCGS# 5646.

297 1908-D MS-67 (NGC). Richly original, both sides are layered in well-

blended orange-gold, olive-gray and pale-lavender colors that move from
the rims to the centers. The patina is a bit mottled in distribution in and
around the central reverse, but not distractingly so. Full mint luster and
an overall sharp strike are impressive attributes, but a lack of even trivial
distractions is what truly sets this coin apart from the typical Mint State
1908-D Barber Quarter encountered in todays market. A conditionally
rare survivor of this otherwise relatively plentiful mintmarked issue.

NGC Census: only 4; with a lone MS-68 finer. PCGS has yet to certify a single 1908-D Quarter finer
than MS-66.

PCGS# 5650.

298

1909-S MS-66 (PCGS). Lightly touched by delicate golden irides¬
cence, both sides radiate full, softly frosted luster. The strike is sharply ex¬
ecuted in virtually all areas, and there are none but a few wispy abrasions
that are well within the context of the assigned grade. The surfaces are
overall smooth, in fact, and the eye appeal is correspondingly strong. An
overall scarce, conditionally challenging issue, the 1909-S has a not overly
generous mintage of 1.3 million pieces.

PCGS Population: 16; with a single coin finer in MS-67.

PCGS# 5656.

299 1909-S MS-66 (NGC). Intense cobalt-blue peripheral shadings blend
with softer, reddish-silver patina toward the centers. Full mint bloom,
however, is equally vibrant throughout, the surfaces exhibiting a softly
frosted texture from the dies. There are no distracting abrasions, and the
strike is sharp in all areas save for a few isolated portions of the obverse
periphery. An unusually large concentration of MS-66s on the NGC
Census is highly suspect and is probably inflated due to resubmissions of
one or more PQ examples in the hope of securing a Superb Gem grade.

PCGS# 5656.

300 1915 Proof-67 (PCGS). This final-year proof would make a lovely
addition to a Superb type set that requires an example of the Barber
Quarter. Both sides are fully struck with a bright, uniformly brilliant fin¬
ish. Essentially untoned, and free of even a single distracting blemish,
this coin is sure to please even the most discerning collector. Condition¬
ally rare!

PCGS Population: only 8; and none are finer with either an all-brilliant or Cameo finish.

PCGS# 5701.

Bid online at www.bowersandmerena.com

Page 51

The April 2008 Chicago Rarities Sai i • Session One

Premium 1916
Standing Liberty Quarter
MS-63 FH

301 1016 Standing Liberty. MS-63 FH (PCGS). A classic rarity in the

20th century United States coinage family, the 1916 Standing Liberty
Quarter is also a historically significant issue as the premier delivery in
this scries. Only 52,000 pieces were struck late in the year, and they were
released from the Mint around the same time as the first of the 1917
Type I examples. Since the latter have always been much more numerous,
it is the 1917Type I that the contemporary public set aside in large num¬
bers as a novelty item. This is not to say that the 1916 did not survive in
appreciable numbers, for this cataloger has not written a single auction
catalog over the last 10 or so years that did not include at least a couple
of examples of this issue. On the other hand, there is no denying the fact
that the 1916 exists in far too few numbers to satisfy the strong demand
that the issue enjoys in numismatic circles.

This is the one of the nicest MS-63s that we have ever offered in an
example of this key-date issue. Both sides are remarkably smooth with no
outwardly distracting abrasions. Lest one be tempted to conclude that the
luster is impaired to one degree or another, we stress that it is still suffi¬
ciently vibrant despite an overlay of warm pinkish-silver patina. An over¬
all sharp strike that includes Full Head definition on the obverse rounds
out this coin’s extensive list of positive attributes.

Nearly Uncirculated
1916 Standing Liberty Quarter

302 1916 Standing Liberty. AU-58 (PCGS). There arc two markedly dif¬

ferent “looks” on both sides of this coin as far as toning is concerned.
The obverse is mostly untoned with only the lightest olive-charcoal high¬
lights here and there at the rims. The reverse, on the other hand, is
adorned with speckles of charcoal-russet patina that appear to drift to¬
ward the left border. This coin is uniformly bold in detail, this despite an
av-rage strike and light rub to the highest elements of the design. In ac¬
tuality, however, the impression from the dies appears to have been sharp
in all areas save for Liberty’s head, the obverse shield and (perhaps) the
eagle’s breast on the reverse. The surfaces could be more vibrant in the lus¬
ter category, even for an AU, but we are pleased to report that there are
no distracting abrasions to report. A key-date rarity in the 20th century
U.S. silver-coin series, this problem-free, near-Mint survivor is sure to
have no difficulty finding its way into an advanced collection.

PCGS# 5704.

303 1916 Standing Liberty. VF-20 (NGC). Definitely a respectable exam¬

ple of this key-date issue, both sides are problem free despite having seen
considerable circulation. There really are no abrasions that are either mod-
erate-to-largc in size or are distracting to the naked eye. In fact, both sides
arc actually relatively smooth beneath an overlay of warm dove-gray and
tan-gray patination. Moderate wear is evenly distributed over devices that
still retain some bolder definition in the more protected areas.

PCGS# 5704.

304 1917 Type I. MS-67 FH (PCGS). Eagerly anticipating inclusion in

a Superb-quality type set, this 1917 Type I Quarter is fully struck with
blazing mint frost. Original, attractive, golden-apricot iridescence blan¬
kets pristine-looking surfaces.

PCGS# 5707.

305 1917-D Type 11. MS-65 FH (PCGS). Beautiful and solidly graded as

a Gem, this coin is easily among the nicest ‘ 17-D Type II Quarters avail¬
able for the grade. Both sides are overall smooth with a full endowment
of frosty mint luster. The strike is impressively sharp, and it includes Full
Head definition at the upper-obverse border. Finally, both sides are pe¬
ripherally toned in vivid, multicolored iridescence that, even its own
right, seems worthy of a premium bid.

306 1918 MS-65 FH (PCGS). Mottled, slightly streaky, olive-russet irides¬

cence is bit more prevalent on the obverse. Both sides are equally lustrous,
the surfaces frosty in texture with a noteworthy lack of bothersome abra¬
sions. Sharply struck, and perfect for early-date, high-grade type purposes.

Page 52

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Original Gem 1918-S Quarter
with Full Head Striking Detail

307 1918-S MS-65 FH (PCGS). The San Francisco Mint struck an im¬

pressive (for the era) total of 11 million Standing Liberty Quarters during
this, the final year of World War One. Quality control was poor, however,
and only 3% of the original mintage emerged from the press with Full
Head definition. This is one of the most carefully produced examples
that we have handled in recent memory, both sides possessing impres¬
sively sharp definition throughout. The surfaces are also Gem in quality
with full, satiny mint bloom and no bothersome abrasions. Irregular
splashes of orange-tan and reddish-russet patina are mostly confined to
select peripheral areas, and they confirm the originality of this pleasing
strike and condition rarity.

PCGS Population: 29; 6 finer.

PCGS# 5725.

Elusive Mint State 1918/7-S
Standing Liberty Quarter

308 1918/7-S FS-008.5. MS-62 (PCGS). A bold naked-eye overdate, the
1918/7-S owes its extensive to the use of two different obverse hubs in
the preparation of a single working die. The die was first sunk from a
1917-dated hub and then received a second impression from a 1918-
dated hub. After an S mintmark was affixed to the die, Mint employees
shipped it west for use in the San Francisco Mint. This die then struck
an unknown, although presumably very small percentage of the 11 mil¬
lion-piece delivery reported for the 1918-S Standing Liberty Quarter.

The 1918/7-S is a very rare overdate in all grades, but particularly in
Mint State. A highly desirable BU, the present example has sufficiently
strong eye appeal to support a Choice rating. Even slight muting to the
luster and a small number of wispy abrasions that confirm the validity of
the MS-62 designation are not overly distracting to the eye. Golden
toned, the surfaces actually have a relatively pleasing, satin-textured sheen
that is free of sizeable or individually mentionable distractions. The over¬
all strike is bold, and there are no areas of excessive lack of detail to report.
Definitely an important bidding opportunity for the advanced Standing
Liberty Quarter specialist or the numismatist that has chosen to focus
his/her attention on overdate coinage.

PCGS# 5726.

309 1919-D MS-66 (PCGS). A low-certified population in MS-66 confirms

that the 1919-D is a conditionally challenging Quarter in addition to being
a semi key-date issue in the Standing Liberty series. This is a very nice ex¬
ample, the surfaces veiled in full, frosty mint luster that is undisturbed by
even a single noteworthy abrasion. The strike is actually quite sharp and,
were it not for a small, shallow planchet flaw (as made) that happens to
have been placed right over Liberty’s head, the detail might have been
strong enough to secure an FH designation. Essentially brilliant on the re¬
verse, with light olive-apricot iridescence on the obverse
PCGS Population: 23; 0 finer.

PCGS# 5730.

Strike Rarity 1920-S
Standing Liberty Quarter

310 1920-S MS-64 FH (PCGS). Vibrant frosty luster on the reverse has
a slightly muted sheen on the obverse, this feature seeming to explain
why this coin did not secure a full Gem rating. There are, in fact, no dis¬
tracting abrasions on either side, and the strike is impressively sharp for
an example of this S-mint Standing Liberty Quarter. A pleasing near-
Gem with none but the lightest golden tinting to the obverse.

Writing in 2007 [Standing Liberty Quarters , Fourth Edition), J.H. Cline
describes the 1920-S as “a very rare item in true Full Head.” The author fur¬
ther states that only 2% or less of the original mintage was struck with Full
Head definition, and that the ‘20-S ranks second or third in value in this se¬
ries. The latter statement we take to mean that the 1920-S commands one
of the most significant premiums over normal price levels (read: the Guide
Book) among Full Head Standing Liberty Quarters.

PCGS Population: 29; 21 finer.

PCGS# 5739.

Bid online at www.boaversandmerena.com

Page 53

The April 2008 Chicago Rarities Sad * Session One

313 1925 MS-67 FH (NGC). Extraordinary quality in an example of this

otherwise plentiful P-mint Quarter, both sides are devoid of grade-lim¬
iting abrasions. The result is a smooth, virtually pristine sheen that allows
ready appreciation of billowy mint frost and a sharply executed strike.
Lightly toned in otherwise dominant pinkish-silver shades, there is a
blurb of extremely pale, golden-silver tinting over the lower-right obverse
that is not easily discerned at all angles. The toning in all areas is so light,
in fact, that the coin actually presents as brilliant at direct angles. A defi¬
nite find for the high-grade type collector of the advanced Standing Lib¬
erty Quarter specialist.

314 1926 MS-64 FH (PCGS). CAC. Impressively sharp in strike, this
coin also possesses smooth-looking surfaces that would seem to suggest
a full Gem rating. Attractively toned in golden-apricot iridescence, the
color deepens in shade here and there at the rims. Really a lovely example.
The PCGS holder is an older variant with a light-green insert.

PCGS# 5755.

315 1926-S MS-65 (PCGS). Conditionally rare for an example of this

semi key-date issue, both sides are uncommonly well preserved. Frosty
mint luster is fully intact and vibrant, and there are no distracting abra¬
sions in evidence. Mottled olive-copper highlights overlay a base of softer,
more evenly distributed, lavender-silver patina, the former color more
widely distributed on the reverse.

PCGS# 5758.

316 1927 MS-66 FH (PCGS). A strong candidate for inclusion in a high-
grade type set that requires an example of the Standing Liberty Quarter,
this ‘27-P is sharply impressed with overall smooth-looking surfaces.
Softly frosted in texture, both sides are adorned with silver-tan tinting
and, in select peripheral areas, mottled russet highlights.

317 1929-S MS-67 FH (PCGS). Blazing, ice-white surfaces are free of

even the lightest toning. As a no-questions Superb Gem, this lovely ex¬
ample is also silent on the subject of grade-limiting abrasions. With a
sharp strike, rich mint frost and awe-inspiring eye appeal, we can think
of few other coins that would better represent the Standing Liberty Quar¬
ter in a high-grade type set.

PCGS Population: only 9; 0 finer.

PCGS# 57T7.

311 1921 MS-66 FH (NGC). Among the finest known, this premium-quality

Gem exhibits needle-sharp striking detail over all elements of the design. A full
endowment of frosty mint luster further confirms the care with which this
piece was struck, while smooth surfaces suggest that the coin has been expertly
preserved since leaving the Mint. Essentially brilliant, there is only the lightest
silvery tinting that is essentially confined to the obverse. Beautiful!

312 1923-S MS-65 (NGC). A key-date issue in all grades, the 1923-S has

a limited (by 20th century standards) mintage of just 1.3 million pieces.
Obviously important as a Gem, this piece is fully brilliant with freedom
from both toning and distracting abrasions. Shimmering, satiny luster is
readily appreciable after even a cursory glance at the surfaces, and closer
inspection reveals that the strike is actually quite sharp over all features
save for Liberty’s head.

Page 54

Bowers and Mf.rf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

318 1930 MS-67 FH (NGC). Uncommonly well-preserved for this oth¬
erwise plentiful Standing Liberty Quarter issue, both sides are free of
even a single distracting bagmark. The surfaces are folly frosted with a
bright, brilliant-white sheen. A sharp strike rounds out the positive attrib¬
utes of this Superb Gem type candidate.

NGC Census: 22; none are finer at either of tire two major certification services.

PCGS# 5779.

319 1930 MS-67 FH (NGC). Delicate silver-tan tinting is seen in most
areas. Deeper, motded, charcoal-russet highlights, however, are confined
to the peripheries here and there. Bathed in vibrant mint frost, this is a
sharply struck and expertly preserved Superb Gem.

NGC Census: 22; 0 finer.

PCGS# 5779.

320 1930-S MS-68 (NGC). While the 1930-S is one of the more common
issues in the Standing Liberty series, MS-68 is a rare grade to encounter
on an example of any issue of this 20th century Quarter type. This coin
is intensely lustrous with a thick, billowy, softly frosted texture that is
easily among its most impressive attributes. Both sides are also pleasingly
original in tone with pinkish-silver patina throughout and iridescent
olive-copper highlights at the rims. There is not even a single distracting
blemish and, while not 100% foil, the strike is neither excessively nor dis-
tractingly soft in any one area. Among the finest examples known for
the issue, this coin is actually the only MS-68 reported for the 1930-S at
both PCGS and NGC.

Combined PCGS and NGC Population: just 1 in MS-68 either with or without a FH designation.

PCGS# 5780.

Beautifully Toned,
Conditionally Rare
1932 Washington Quarter

321 1932 MS-67 (PCGS). Washington Quarter production in the

Philadelphia Mint commenced in 1932 with a delivery of 5.4 million
pieces. This total is significandy greater than those of the 1932-D and
1932-S, but the 1932 is still a lower-mintage issue when compared to
' such other P-mint deliveries as the 1934 (31.9 million pieces struck)
and the 1935 (32.4 million coins produced). We believe that the severe
economic effects of the Great Depression precluded a large mintage of
Quarters in 1932. (The United States Mint did not strike any Quarters
in either 1931 or 1933.) Nevertheless, the 1932 is one of the most read¬
ily obtainable Washington Quarters in an absolute sense, a fact that we
ascribe to the widespread hoarding of this first-year issue as a novelty.
Many of the coins that were once stored in original rolls and bags have
since been certified by PCGS, NGC and other grading services, al¬
though we suspect that many examples in the MS-60 to MS-63 range
have remained uncertified due to the low cost of such pieces.

As a no-questions Superb Gem, this coin is a top-of-the-pop repre¬
sentative of this otherwise plentiful P-mint issue. The value and desir¬
ability of the 1932 in grades at and above the MS-65 level leads us to
believe that the vast majority of such coins have already been certified.
As such, we are confident that the conditionally rare status of the 1932
in MS-67 as indicated by PCGS and NGC population data is not only
accurate, but unlikely to change much in the foreseeable future.

A beautiful example, both sides retain foil, vibrant mint frost beneath
an overlay of lovely olive-orange and golden-tan iridescence. The boldest
colors are reserved for the obverse, particularly near the rim on that side.
Fully struck with not even a single distracting abrasion, this piece is a fit¬
ting way to commence our offering of this important Registry Set.

PCGS Population: just 2; 0 finer.

PCGS# 5790.

From the Marquette- Yakima Registry Set ofWashington Quarters.

Bid online at www.bowersandmerena.com

Page 55

322 1932-D MS-66 (PCGS). The 1932-D is unique as
a Denver Mint Quarter struck during the four-year
period from 1930 to 1933. It is also the premier D-
mint delivery in the Washington Quarter series, which
confirms its historical significance in the 20th century
U.S. coinage family. That the 1932-D is also a low-
mintage issue with just 436,800 pieces produced has
been well known in numismatic circles for decades.
On the other hand, that particular fact seems to have
been lost on the contemporary public.

One would think that the 1932-D would now be
readily obtainable in Mint State due to its first-year
status. After all, the contemporary public usually saves
laige numbers of first-year coins as novelty items, such
activity explaining the relative availability of even many
low-mintage issues. (An excellent example is the 1909-
S V.D.B. Lincoln Cent, Mint State examples of which
really do abound in numismatic circles despite a de¬
livery of just 484,000 pieces.) This did not happen in
the case of the 1932-D Quarter, however, and anyone
interested in setting aside an example of the new type
was content to focus on the 1932 or, to a much lesser

extent, the 1932-S. This explains why the 1932-D is
the prime condition rarity in the entire business strike
Washington Quarter series of 1932-date.

The 1932-D is also a key-date issue in the finer cir¬
culated grades. Writing in 1994 (The Complete Guide
to Washington Quarters) John Feigenbaum asserts that
most ‘32-D Quarters in numismatic circles are heavily
worn and grade AG or Good. The author also opines
that this grade distribution suggests that the 1932-D
circulated heavily from the day of issue and escaped
collector or other interest for many years.

As far as Mint State coins are concerned, the finest
that is usually obtainable in a 1932-D Quarter is an
MS-64. Such examples are actually quite plentiful
from a market availability standpoint, and this cata-
loger has produced very few catalogs that did not have
at least two or three MS-64s in PCGS and/or NGC

Page 56

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

S' 1932-D Washington Quarter

r the Registry Set Collector

holders. The situation, however, changes dramatically
beginning in MS-65. Gems are few and far between,
and it is not unusual for us to go several sales without
offering a single PCGS or NGC MS-65. In MS-66,
the 1932-D is unique and represented solely by the
important PCGS-certified example that we have
the pleasure of highlighting in this lot.

This cataloger had the extremely good fortune of
examining this coin when it was consigned to auction
in 2001. The coin achieved a record price in that sale
despite that fact that the auction took place before the
Registry Set concept popularized the collecting of
finest-known coins. It is still mounted in the same,
older-style PCGS holder with a green insert and iden¬
tification number 4260522. The luster is full with a
vibrant, softly frosted texture as typically seen in high-
quality survivors of this Denver Mint issue. The level

of surface preservation, however, is extraordinary. In¬
deed, it is neither rivaled nor surpassed by that pos¬
sessed by any other ‘32-D Quarter known. There are
none but a couple of extremely trivial ticks on the ob¬
verse, including one at the base of Washingtons neck
above the digit 2 in the date that would seem to make
a useful pedigree marker. The toning is also highly at¬
tractive, the obverse ringed in reddish-orange and
olive-gold peripheral iridescence that frames a brilliant
center. On the reverse, you will see soft silvery tinting
that yields to a blush of olive-copper patina only at the
lower border. Easily the most important offering in the
Marquette Yakima Registry Set of Washington Quar¬
ters, this unique, top-of-the-pop condition rarity also
numbers among the most significant coins in this sale
irrespective of denomination or type.

Combined PCGS and NGC Population: only 1; and none are finer.

PCGS# 5791.

From the Marquette-Yakima Registry Set ofWashington Quarters.

Bid online at www.bowersandmerena.com

Page 57

The April 2008 Chicago Rarities Sau • Session One

323 1932-S MS-66 (NGC). At just 408,000 pieces produced, the 1932-S

has the lowest mintage of any business strike issue in the Washington
Quarter series. The ‘32-S is not as rare as the ‘32-D in Mint State, how¬
ever, particularly above the MS-64 grade level. Obviously, the contem¬
porary public was focused more on the 1932-S than the 1932-D when
it came to saving examples of the new Quarter design. There is still no
denying the fact that the 1932-S Quarter is a key-date issue in the 20th
century United States silver-coin series, particularly in the finer Mint
State grades.

This premium-quality Gem is unsurpassable in grade at either PCGS
or NGC—a characteristic that it shares with very few other ‘32-S Quar¬
ters. Both sides are fully original with rich antique-copper, orange-olive
and steel-lavender peripheral toning. The centers are much lighter in ap¬
pearance with an overlay of delicate, golden-tinged iridescence. Satiny
in sheen and virtually pristine, the surfaces allow full appreciation of
sharp striking detail.

PCGS# 5792.

From the Marquette- Yakima Registry Set ofWashington Quarters.

324 1934 FS-101. Doubled Die Obverse. MS-66 (PCGS). The obverse
doubling that this variety displays at the letters in the motto IN GOD
WE TRUST is among the strongest in the Washington Quarter scries.
Unsurpassable in grade at either PCGS or NGC, this premium-quality
Gem is also in very select company at the MS-66 level of preservation.
Both sides are veiled in warm golden-tan patina, the surfaces readily re¬
vealing full, softly frosted luster at all angles of observation. A few tiny
ticks are noted, none of which are either individually distracting or out
of context with the assigned grade. The PCGS holder is an older variant
with a green insert.

From the Marquette Yakima Registry Set of Washington Quarten.

325

1934 FS-401. Light Motto. MS-67 (PCGS). The Philadelphia Mint
used obverse dies sunk from three distinct hubs to produce 31.9 million
Washington Quarters in 1934. While the Medium Motto and Heavy
Motto are also deemed essential components of a complete set of this
type by many collectors, it is the Light Motto coins that command the
greatest respect (and the largest premium) in the numismatic market.

Condition Census for the variety, this Superb Gem is the province of
numismatists that are competing for the finest Registry Set listed on the
PCGS or NGC websites. It is a fully frosted coin whose surfaces are
dusted with the lightest golden iridescence. There is not even a single
distracting abrasion, and the eye appeal is nothing short of superb. Wor¬
thy of a strong bid in all regards.

PCGS# 5794.

From the Marquette- Yakima Registry Set ofWashington Quarters.

326 1934 Medium Motto. MS-67 (PCGS). Virtually unsurpassable in
grade at PCGS, this 1934 Quarter would fit nicely into a collection of
Registry Set quality. Both sides are silky-smooth in sheen with not even
a single distracting abrasion. The surfaces radiate full mint bloom beneath
a dusting of golden-silver tinting.

A short obverse die crack (as struck) that joins the top of Washington’s forehead to the L in LIBERTY

might be of interest to some bidders.

PCGS# 5793.

From the Marquette- Yakima Registry Set ofWashington Quarters.

327 1934 Heavy Motto. MS-67 (NGC). The obverse is adorned with sil¬
ver-tan patina that deepens to an orange-tan shade along the left border.
The reverse is superficially similar in appearance, but the orange-tan color
encircles the periphery and indirect angles reveal soft powder-blue high¬
lights at the top of the eagles head and wings. A fully lustrous and
smooth-looking Superb Gem that is housed in an older NGC holder
with a thick border and large hologram.

From the Marquette- Yakima Registry Set ofWashington Quarters.

328 1934-D Medium Motto. MS-67 (NGC). A scarce issue even in the

Fine-AU grade range, the 1934-D has a not overly generous mintage of
3.5 million pieces. In Mint State, this issue boasts the lowest certified
population of any Washington Quarter delivery from the 1930s. The
coin that we are offering here is a solid Superb Gem, which confirms it
as one of the finest survivors of the 1934-D Washington Quarter avail¬
able in today’s market. A frosty example, both sides also exhibit light,
mottled, silver-tinged highlights. Sharply struck throughout, and silent
on the subject of grade-limiting abrasions, this lovely piece is sure to
please.

Combined PCGS and NGC Population (all varieties): only 8; 0 finer.

From the Marquette-Yakima Registry Set ofWashington Quarters.

Page 58

Bowers and Mf.rena Auctions

Philip Carrigan

Tin-A i’rii 2008 Ciii( A(.<> Rarities Sait • Session One

334 1936 FS-011. Doubled Die Obverse. MS-66 (NGC). In the Fourth
Edition, Volume II of the book The Cherrypickers' Guide to Rare Die Va¬
rieties of United States Coins , authors Bill Fivaz and J.T. Stanton describe
the 1936 DDO Quarter as a “very rare variety” that is “always in high de¬
mand.” An impressive Gem, the coin in this lot is the single highest-
graded example listed at NGC. (PCGS does not certify this variety, or at
least no examples are listed on the online Population Report as of Feb¬
ruary, 2008.) There are no grade-limiting abrasions on either side, and
the luster is full, vibrant and frosty in texture. Lightly toned in blended
gold and lavender iridescence, a tiny, out-of-the-way spot at the right-ob¬
verse border is noted solely for accuracy.

NGC Census: only I: and none are finer.

From the Marquette- Yakima Registry Set ofWashington Quarters.

335 1936-D MS-67 (PCGS). When we consider only the finer Mint State

grades (MS-65 and higher), the 1936-D is the third-rarest issue in the
Washington Quarter series after the 1932-D and the 1934-D. As a no¬
questions Superb Gem, the coin that we are offering here is tied for high¬
est-graded honors on the PCGS Population Report. Both the obverse and
the reverse are as smooth we one could realistically expect to see in an ex¬
ample of this conditionally challenging issue. There are actually no dis¬
tracting abrasions, and a hill endowment of frosty mint luster further
enhances the technical quality of this coin. Very lightly toned, and housed
in an older PCGS holder with a greenish-yellow insert.

From the Marquette- Yakima Registry Set ofWas

336 1936-S MS-67 (PCGS). Even though a fair number of Mint State ex
amples were set aside at the time of issue, the 1936-S still ranks as one of
the scarcer issues in the Washington Quarter series. As a Superb Gem, the
‘36-S is nothing short of rare from a condition standpoint. Frosty,
smooth-looking surfaces are adorned with apricot-gold patina that is
scattered about the peripheries on both sides. Silky smooth in sheen, and
housed in an older PCGS holder with a light-green insert.

PCGS Population: 21:0 finer.

337 1937 MS-67 (PCGS). Although widely regarded as a common issue,

it is interesting to note that the 1937 has the lowest-mintage of any P-
mint Washington Quarter produced from 1934 through 1937. This
original Superb Gem is finer than most survivors that we have handled,
and it is tied for highest-graded honors at PCGS and NGC. Warm
golden-tan iridescence adorns both sides, the color both more extensive
in distribution and a bit deeper in shade on the obverse. Full mint frost
is readily appreciable at all angles, as are smooth surfaces that do not re¬
veal even a single distracting abrasion.

PCGS# 5803.

From the Marquette- Yakima Registry Set ofWashington Quarters.

Extremely Rare 1937 FS-012
Doubled Die Obverse Quarter

Tied for Finest Known

338 1937 FS-012. Doubled Die Obverse. MS-66 (PCGS). One of the
rarest and most important varieties in the Washington Quarter series, the
1937 DDO is easiest to attribute by looking at the letters in the mono
IN GOD WF. TRUST and the digits in the date. Genuine examples of
the FS-012 variety exhibit fairly bold doubling on those features. This
is just such a coin, and it is one of only nine pieces that PCGS has cer¬
tified in all Mint State grades. (NGC has contributed just two additional
coins to the certified Mint State population, both of which are MS-62s.)

Semi-unique as an MS-66, this PCGS-certified Gem is tied for
finest-known honors among survivors of this dramatic Double Die error.
The surfaces do not reveal so much as a single distracting abrasion, and
they are no less impressive in the luster category. The texture is decidedly
frosty, and it is enhanced by a dusting of tannish-silver patina that is
rather evenly distributed over both sides. Sharply struck, with the obverse
doubling clearly evident without the aid of a loupe.

PCGS Population: only 2; and none are finer. The only Mint Stare examples listed at NGC are a pair

of MS-62*.

PCGS# 95803.

From the Marquette- Yakima Registry Set ofWashington Quarters.

From the Marquette-Yakima Registry Set ofWashington Quarters.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Another Mint State
1937 DDO Quarter

339 1937 FS-012. Doubled Die Obverse. MS-64 (PCGS). This lovely
and important near-Gem possesses streaks of light charcoal-gray and
sandy-gold patina over fully lustrous surfaces. There are no bothersome
abrasions, and a tiny spot at the left-obverse rim really is the only men-
tionable distraction. Original, attractive and worthy of inclusion in the
finest Washington Quarter variety set.

PCGS Population: only 4; with a mere two finer (MS-66 finest).

PCGS# 95803.

From the Marquette-Yakima Registry Set ofWashington Quarters.

340 1937-D MS-67 (PCGS). Another underrated issue from the early
Washington Quarter series, the 1937-D is not much easier to obtain in
Mint State than the 1937-S despite a significantly greater mintage (7.1
million pieces and 1.6 million pieces, respectively). A seldom-offered Su¬
perb Gem, this top-of-the-pop example is bursting with full, vibrant,
frosty mint luster. The surfaces are originally toned in dominant apri-
cot-gold iridescence with speckled antique-copper highlights at the bor¬
ders. There are no distracting abrasions, and the surfaces are expectably
smooth for the assigned grade.

PCGS Population: 27; 0 finer.

PCGS# 5804.

From the Marquette-Yakima Registry Set ofWashington Quarters.

341 1937-D MS-67 (PCGS). An important find for the Washington

Quarter Registry Set collector, this unsurpassable Superb Gem is as
smooth and fresh as the day it left the Denver Mint. Both sides are burst¬
ing with frosty mint luster, the surfaces brilliant with the exception of the
lightest golden-apricot iridescence at the left-obverse border. Sharply
struck and smooth, this piece is obviously among the finest 1937-D
Quarters known.

PCGS Population: 27; 0 finer.

PCGS# 5804.

342 1937-S MS-67 (PCGS). Seemingly earmarked for inclusion in another

Registry Set ofWashington Quarters, this ‘37-S is tied for finest-certified
honors at PCGS and NGC. This truly is a lovely coin, both sides fully
frosted with a smooth, virtually pristine appearance to the surfaces. Orig¬
inal golden-apricot, silver-gray and copper-russet patina completes this
coin’s impressive list of positive attributes. The boldest colors are confined
to the peripheries.

PCGS Population: 21; 0 finer.

PCGS# 5805.

From the Marquette-Yakima Registry Set ofWashington Quarters.

343 1938 MS-68 (NGC). The Philadelphia and San Francisco Mints were

the only coinage facilities involved in Quarter production during 1938,
and they struck not many more than 12 million coins that year. This is
the lowest yearly total for the entire Washington Quarter series after that
of only 1932. The ‘38-P is a genuinely scarce coin in Mint State, and
high 7 grade examples never stay on the open market for long such is the
demand for this issue among specialized collectors. There is just one MS-
68 certified by PCGS and NGC, and we are pleased to be offering that
coin in this lot. The surfaces are virtually pristine, and they possess vi¬
brant mint frost that is accented by soft powder-blue and golden-apricot
peripheral toning. Overall sharp in strike, this Superb example would
serve as a highlight in the finest collection ofWashington Quarters.

Combined PCGS and NGC Population: 1; 0 finer.

PCGS# 5806.

From the Marquette- Yakima Registry Set ofWashington Quarters.

Bid online at www.bowersandmerena.com

Page 61

The April 2008 Chicago Rarities Sai l • Session One

346 1939-D MS-68 (ICG). After taking a one-year hiatus from this de¬
nomination in 1938, the Denver Mint returned to the Washington
Quarter series in 1939 with a sizeable delivery of 7 million pieces. This
obviously original survivor is among the finest known. Both sides are
layered in copper-tan, pink, blue, green, orange-red and “old-silver”
patina, the most vivid colors being confined to the peripheries. Addi¬
tionally, the central obverse is a bit more deeply toned than the corre¬
sponding area on the reverse. All features, however, are equally free of
grade-limiting distractions.

PCGS# 5809.

From the Marquette- Yakima Registry Set ofWashingtoti Quarters.

344 19.38-S MS-67 (PCGS). Satin-to-frosty luster envelops both the ob¬

verse and reverse of this lovely Superb Gem. We note pleasing cartwheel
visual effects as the coin rotates under a light. A bit of light, silver and gold
tinting is also evident, the colors mottled in distribution and somewhat
more extensive on the obverse. The 1938-S is one of the more readily ob¬
tainable 1930s Washington Quarter issues in most Mint State grades,
but it is still an important condition rarity as a Superb Gem. Housed in
an older PCGS holder with a light-green insert.

PCGS Population: 29; 0 finer.

PCGS# 5807.

From the Marquette-Yakima Registry Set o/Washiugton Quarters.

347 1939-D MS-67 (NGC). A desirable coin for both Registry Set and
high-grade type purposes, this solidly graded Superb Gem is fully lustrous
with a smooth, distraction-free appearance. Slightly mottled in distribu¬
tion on the obverse, pale pinkish-gold iridescence is more evenly distrib¬
uted over the reverse.

PCGS# 5809.

From the Marquette- Yakima Registry Set ofWashington Quarters.

348 1939-S MS-67 (NGC). A bright, brilliant-white example, this coin is
free of both mentionable toning and grade-limiting abrasions. The sur¬
faces are bursting with frosty mint luster that accents a sharply executed
strike. Housed in an older NGC holder with a thick border and large
hologram. With the fourth-lowest mintage (2.6 million pieces) in the
entire business strike Washington Quarter series of 1932-date, the 1939-
S always commands the respect of collectors when a high-grade example
appears at auction.

NGC Census: 50:0 finer.

From the Marquette- Yakima Registry Set ofWashington Quarters.

345 1939 MS-68 (NGC). Quarter production at the Philadelphia Mint

skyrocketed to 33.5 million pieces in 1939 after a delivery of just 9.4
million coins the previous year. This marked increase was undoubtedly
caused by the outbreak of World War II in Europe with Germany’s in¬
vasion of Poland on September 1, 1939, as well as a consequent rise in
the United States’ export trade. Although understandably plentiful in
lower Mint State grades, the 1939 is actually a major condition rarity in
MS-68. Among the finest examples known, this NGC-certified Superb
Gem is as close to perfect as we have ever seen in a survivor of this issue.
The surfaces are free of even a single distracting abrasion, and they possess
bountiful mint luster with a richly frosted texture. Delicate gold and
powder-blue highlights are discernible at certain angles, particularly
around the obverse border and through the center of the reverse.

From the Marquette- Yakima Registry Set ofWashington Quarters.

349 1940-D MS-68 (NGC). This coin is sure to be of profound impor¬

tance to advanced Washington Quarter specialists, and for two reasons.
First, the 1940-D is the final business strike of this type with a mintage
of fewer than 3 million coins. Second, this particular example is alone at
the MS-68 grade level as far as the PCGS Population Report and NGC
Census are concerned. Collectors that appreciate originality will also be
drawn to the blended golden-apricot, pinkish-gray and tan-lilac patina
that envelops both sides. The underlying luster is undiminished in vi¬
brancy, and there is not even a single distracting abrasion in evidence. A
coin that may very well represent a once-in-a-lifetime bidding opportu¬
nity for the numismatist that is assembling the finest set ofWashington
Quarters.

C ombined PCGS and NGC Population: only 1; and none arc finer at either service.

PCGS# 5812.

From the Marquette-Yakima Registry Set ofWashington Quarters.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

350 1940-S MS-68 (NGC). The air is very thin at the MS-68 level of
preservation as far as the 1940-S Quarter is concerned, with PCGS and
NGC having certified just three examples in that grade. There are no
coins graded higher at either service. This NGC-certified Superb Gem
is knocking on the door of numismatic perfection. Both sides are silky-
smooth in sheen with full, billowy, frosty-textured luster. There is an even
blanket of silvery tinting on both sides, as well as warmer medium-gold
and pinkish-tan peripheral highlights that are much more extensive on
the reverse. Sharply, if not fully struck, and possessed of truly memorable
eye appeal.

Combined PCGS and NGC Population: 3: 0 finer.

PCGS# 5813.

From the Marquette-Yakima Registry Set ofWashington Quarters.

351 1940-S MS-67 (NGC). This satiny Superb Gem is untoned with the
exception of the lightest silver-tan tinting here and there at the rims.
Smooth throughout, and housed in an older NGC holder with a thick
border and large hologram. The 1940-S is far from the rarest issue in the
Washington Quarter series but, with a not overly generous mintage of 8.2
million pieces, Mint State examples can be somewhat challenging to lo¬
cate in todays market.

PCGS# 5813.

From the Marquette-Yakima Registry Set ofWashington Quarters.

352 1941 MS-68 ★ (NGC). World War II was well under way by the mid¬

dle of 1941. The war in Asia had been raging since 1931 when forces of
the Empire of Japan invaded Inner Manchuria and created the puppet
state of Manchukuo. In Europe, Hitler’s invasion of Poland in 1939
quickly resulted in declarations of war from Great Britain and France.
The Nazi dictator widened the war even further by invading the Soviet
Union on June 22, 1941. These events, as tragic as they are, provided a
stimulus to the United States’ economy that finally ended the Great De¬
pression. By the end of that fateful year, however, the nation would find
itself in a combatant role after the Japanese attack on Pearl Harbor.

In response to the United States’ burgeoning overseas trade and grow¬
ing economy, the Philadelphia Mint struck 79 million Quarters in 1941.
This is the largest single delivery in the Washington series up to that
point in time, although it would be handily outclassed just one year later
when the same coinage facility struck 102 million Quarters for circula¬
tion. An obviously plentiful issue in an absolute sense, the 1941 is actu¬
ally an extreme condition rarity in MS-68. Not only is the present
example fully Superb, but it is beautifully toned in vivid reddish-copper
patina that encircles the peripheries. The centers are essentially brilliant,
and all areas are equally endowed with billowy mint frost. The eye appeal
is such that we cannot imagine this coin not having received a ★ desig¬
nation from NGC.

NGC Census: only 3 in MS-68, rwo of which include a ★ designation; 0 finer. The corresponding

PCGS Population is 0/0.

PCGS# 5814.

From the Marquette-Yakima Registry Set ofWashington Quarters.

353 1941-D MS-68 ★ (NGC). A partial crescent of intense reddish-copper

patina around the obverse periphery undoubtedly explains the ★ desig¬
nation from NGC for above-average eye appeal. The balance of that side
is either brilliant or adorned in light olive-silver iridescence. The reverse
displays thin ribbons of reddish-copper and pale-gold patina along the
rim, as well as pale-pink overtones in the center that are not appreciable
at all angles. Fully frosted and essentially pristine, this coin is the finest
1941-D Quarter known to PCGS and NGC.

Combined PCGS and NGC Population: just 1 in MS-68, even with or without a ★ designation from

the latter service.

PCGS# 5815.

From the Marquette-Yakima Registry Set ofWashington Quarters.

354 1941-S Variety 101. Small S. MS-67 (PCGS). The attribution is

from John Feigenbaum’s 1994 book The Complete Guide to Washington
Quarters. The 1941-S has a very similar mintage to the 1941-D, but it
is not quite as challenging to locate in most Mint State grades. This top-
of-the-pop Superb Gem belongs in another Registry Set. It is a periph¬
erally toned coin with rich orange-copper patina at the borders. Mint
luster is full and vibrant, and there are no grade-limiting distractions of
any kind.

PCGS Population: 30; 0 finer.

PCGS# 5816.

From the Marquette-Yakima Registry Set ofWashington Quarters.

355 1942 MS-67 (PCGS). Another dazzling Superb Gem that is tied for

finest known, this ‘42-P is frilly untoned with swirling mint frost. Sharply
struck throughout, with expectably smooth surfaces for the assigned
grade.

PCGS Population: 22; 0 finer.

PCGS# 5817.

From the Marquette-Yakima Registry Set ofWashington Quarters.

Bid online at www.bowersandmerena.com

Page 63

The April 2008 Chicago Rarities Sai i * Session One

356 1942 MS-67 (PCGS). In addition to unsurpassable technical quality

in a PCGS-certified 1942 Quarter, this Superb Gem offers beautiful orig¬
inality in the form of vivid toning. The obverse is splashed in olive-orange
and champagne-pink iridescence that leaves several small areas in the left
field and at the right rim brilliant. The reverse, on the other hand, is
evenly overlaid in golden iridescence. Fully frosted and bright, with nary
a grade-limiting abrasion to report.

PCGS Population: 22; 0 finer.

PCGS# 5817.

357 1942-D MS-68 ★ (NGC). They just do not come any nicer than this

Superb Gem as far as the 1942-D Washington Quarter is concerned.
Both sides are veiled in blended antique-copper, cobalt-blue, golden-
apricot, olive-orange and reddish-orange colors, the most vivid shades
existing as thin ribbons along the rims. With full mint bloom and nary
a distracting abrasion, this coin would accept nothing less than a high
Mint State rating.

PCGS# 5818.

From the Marquette Yakima Registry Set of 'Xiishmgtuii Qwtrters

View David Hall's Opinions About This Auction

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David Hall will talk on video about coins offered
in this Bowers and Merena auction.

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Unique 1942-S Washington
Quarter Condition Rarity

The Only MS-68 Certified by PCGS and NGC

358 1942-S MS-68 (PCGS). Writing in 1994, John Feigenbaum in¬

cludes the 1942-S among the “Big Three” of the 1940-date Washing¬
ton Quarter set. We interpret this terminology to mean that the
1942-S is one of the three most challenging issues to locate in Mint
State among post-1940 Washington Quarters. (The other two issues
that Feigenbaum includes among the “Big Three” are the 1940-D
and 1943-S.) The 1942-S is certainly an underrated condition rarity
in the finer Mint State grades in light of the number of coins struck.
The original mintage of 19.3 million pieces does seem limited by the
standards of the World War II era, but it is much greater than that of
many earlier issues in this series such as the 1937-S, 1939-S and 1940-
D. Additionally, the 1946-D and 1946-S were also produced in much
smaller numbers than the 1942-S. The ‘42-S, however, was not saved
to the same extent as, say, the 1946-D or 1946-S, such was the need
for Quarters in commercial channels during the early 1940s. Even
MS-66s have a limited certified population by the standards of this se¬
ries, and coins that grade any finer are nothing short of rare.

This important piece is the only MS-68 listed at both PCGS and
NGC, and it is a coin that is sure to see spirited bidding among Reg¬
istry Set collectors. The surfaces possess a base of light silver-olive
patina with mottled medium-orange highlights drifting toward the
left borders. There are also some pinkish-tan overtones intermingled
here and there around the peripheries. Full mint luster is another
noteworthy attribute, but what truly sets this coin apart from other
certified 1942-S Quarters is the lack of even a single tiny distraction
on either side. An exceptional representative of a semi key-date issue.

Combined PCGS and NGC Population: just I; and none arc finer.

PCGS# 5819.

From the Marquette-Yakima Registry Set ofWashington Quarters.

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Bowers and Merf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

359 1943 MS-68 (NGC). This is the most carefully preserved and exten¬
sively toned ‘43-P Quarter that this cataloger can ever remember han¬
dling. Both sides are layered in blended pinkish-gray and olive-copper
patina that, at direct angles, reveals intermingled powder-blue and or¬
ange-red undertones drifting toward the rims. There is not a single both¬
ersome abrasion to detract from either the toning or the full endowment
of vibrant mint frost that this coin possesses. Tied for finest known, and
perfect for inclusion in another advanced Washington Quarter collection
of Registry Set quality.

Combined PCGS and NGC Population: only 4; and none are finer.

PCGS# 5820.

From the Marquette-Yakima Registry Set ofWashington Quarters.

The Single-Finest
1943-S Quarter Listed at PCGS

MS-68 with Pretty Peripheral Toning

360 1943-S MS-68 (PCGS). One of the more challenging World War
II-era issues in the Washington Quarter series, the 1943-S has a much
lower mintage than most of the P-mint deliveries from 1941-1945.
Only 21.7 million pieces were produced and, while this would be a
record delivery for, say, a Seated Quarter, it is limited by 1940s stan¬
dards. Remember than the 1942-P was produced to the extent of 102
million pieces and the 1943-P has a mintage of 99.7 million coins.
Since the 1943-S also circulated heavily, high-grade Mint State sur¬
vivors are understandably elusive in todays market.

Alone at the PCGS MS-68 grade level for an example of the issue,
this originally toned Superb Gem represents a fleeting buying oppor¬
tunity for the Registry Set collector. A beautiful piece, both sides ex¬
hibit rich reddish-copper and sea-green toning along the right
peripheries. The balance of the border area on the reverse displays
lighter golden iridescence, and there are also delicate powder-blue and
pale-rose overtones in the center on the side. Much of the obverse,
however, is essentially untoned. Thick, rich mint frost envelops sur¬
faces that are all but pristine. Really a pretty coin, and a piece that
possesses strong technical merits that easily uphold the validity of the
MS-68 designation.

PCGS Population: only 1; 0 finer.

PCGS# 5822.

From the Marquette-Yakima Registry Set ofWashington Quarters.

361 1943-S FS-017. Doubled Die Obverse. MS-67 (NGC). A visually

dramatic Doubled Die, check the letters in the motto IN GOD WE
TRUST and the digits in the date for the most significant diagnostics.
This satiny Superb Gem is tied for finest known among examples of the
FS-017 variety with just one other MS-67 at NGC. Speckles of light,
silvery tinting are mostly confined to the obverse, but even on that side
of the coin they are not readily evident at all angles. Free of grade-limiting
abrasions, with the strongest eye appeal that we have ever seen in an ex¬
ample of this elusive DDO.

Combined PCGS and NGC Population: only 2 (both at NGC); and none are finer at either service.

PCGS# 5823.

From the Marquette-Yakima Registry Set ofWashington Quarters.

362 1944-D MS-68 (NGC). This intensely vivid example nearly has the

appearance of a gold coin. Both sides are evenly toned in warm olive-gold
patina that, at direct angles, also includes intermingled highlights of pale
orange-gold color. With full mint bloom and essentially pristine surfaces,
it is no wonder that this coin is in very select company at the MS-68
grade level for the 1944-D Washington Quarter issue.

Combined PCGS and NGC Population: just 4; 0 finer.

PCGS# 5825.

From the Marquette-Yakima Registry Set ofWashington Quarters.

363 1944-S MS-68 (NGC). Condition Census for this otherwise plentiful

S-mint issue, both sides are as close to perfect as we can ever recall seeing
in a 1944-S Quarter. As if that feature were not impressive enough, we
are pleased to note the presence of original, motded, olive-gold and red¬
dish-russet patina that exists predominantly as arcs of color along the left
borders. The balance of the surfaces are either untoned (reverse) or
adorned in delicate silver-apricot iridescence (obverse). The NGC holder
is also significant as an older variant with a thick border and large holo¬
gram.

Combined PCGS and NGC Population: only 5; and none are finer.

PCGS# 5826.

From the Marquette-Yakima Registry Set ofWashington Quarters.

Bid online at www.bowersandmerena.com

Page 65

The April 2008 Chicago Rarities Sal

Session One

364 1945 MS-68 (NGC). Despite the survival of thousands of Mint State

examples, the 1945 is not an issue that is encountered in MS-68 with any
degree or frequency in todays market. This is a beautiful example with
soft pearl-gray patina and more vibrant, antique-copper and pinkish-
apricot highlights in select peripheral areas. Direct angles also reveal cres¬
cents of soft powder-blue tinting along the left-obverse border and just
inside the antique-copper color near the lower and left-reverse rims. Fully
frosted, with nary a distracting abrasion to report.

Combined PCGS and NGC Population: only 4; and none are finer.

PCGS# 5827.

From the Marquette-Yakima Registry Set ofWashington Quarters.

365 1945-D MS-68 (NGC). Here it is, the single-finest 1945-D Washing¬

ton Quarter known to PCGS and NGC. Every bit the Superb Gem, this
coin possesses strong technical merits and eye appeal that seems to de¬
serve recognition with a ★ designation. Both sides exhibit rich reddish-
russet toning that is more-or-less confined to the peripheries. The centers,
on the other hand, reveal softer silver-gray overtones that blend nicely
with the dominant coloration at and near the borders. With not even a
single disturbing abrasion, this frosty Superb Gem is sure to please even
the most discerning numismatist.

366 1945-S MS-68 (NGC). Finest known for this otherwise readily obtain¬

able San Francisco Mint issue, this Superb Gem is a delight to behold.
There is not even a single distracting abrasion or other sign of mishan¬
dling, and the surfaces possess a silky-smooth sheen that allows ready ap¬
preciation of both a sharp strike and bountiful mint frost. The outward
appearance is largely one of rich, blended, steel-gray and pinkish-tan
patination that speaks volumes about the coin's originality. Another high¬
light of this impressive Registry Set. The NGC holder is an older variant
with a thick border and large hologram.

Combined PCGS and NGC Pbpulation: only 1:0 finer

From the Marquette- Yakima Registry Set ofWashington Quarters.

368 1946-S MS-68 (PCGS). We have neither seen nor heard rumor of a

more technically sound or beautiful representative of the ‘46-S Quarter.
Hie upper obverse exhibits a crescent of vivid golden-blue and medium-
copper toning that leaves the center and lower-peripheral area brilliant.
The reverse is predominandy untoned, although there are blushes of sim¬
ilar colors present along the lower and left borders. Richly frosted in luster
quality, with not even a single distracting abrasion in evidence. Condition
Census, with a low pop that is sure to be of interest to Registry Set col¬
lectors.

PCGS Population: only 4; with none finer

PCGS# 5832.

From the Marquette- Yakima Registry Set ofWashington Quarters.

367 1946-D MS-68 (NGC). We have no doubt that this richly toned coin

is 100% original. Both sides are peripherally toned in warm steel-lavender
and antique-copper patina. It would be a stretch for us to describe the
centers as brilliant, but they are much lighter than the peripheries with
only minimal silver-gray tinting. Sharply struck and lustrous, with nary a
distracting abrasion to report. The 1946-D (9 million pieces produced)
is a plentiful issue in terms of total number of Mint State coins known.
Superb Gems in MS-67 are very scarce, however, and the MS-68 that we
are offering here is the only so-graded example listed at PCGS and NGC.
Housed in an older NGC holder with a thick border and large hologram.

Combined PCGS and NGC Population: only 1; 0 finer.

PCGS# 5831.

From the Marquette - Yakima Registry Set of'Washtngton Quarters.

Gorgeous 1946-S Quarter
PCGS MS-68

Pop: 4/0

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The April 2008 Chicago Rarities Sale • Session One

369 1947 MS-68 (ICG). This original example is toned in speckles of
cobalt-blue, salmon-pink, orange-copper and olive colors, the more vivid
shades being largely confined to the obverse. A sharp strike and full, softly
frosted luster are also praiseworthy attributes. Uncommonly well pre¬
served for an example of this otherwise readily obtainable, high-mintage
(22.5 million pieces) issue from the Philadelphia Mint.

PCGS# 5833.

From the Marquette-Yakima Registry Set ofWashington Quarters.

372 1948 MS-68 (NGC). Richly original, both sides are awash in lovely an¬

tique-gold and orange-copper patina. The colors are both more vivid
and more extensive on the obverse, the reverse even displaying a swirl of
virtual brilliance in the center. Modest, yet appreciable cartwheel luster
effects are discernible as the coin rotates under a light, and they serve to
enhance already exceptional eye appeal. The 1948 may be a plentiful
issue in an absolute sense, yet it is all but unobtainable at or above the
present grade level.

Combined PCGS and NGC Population: only 2; and none are finer.

PCGS# 5836.

From the Marquette-Yakima Registry Set ofWashington Quarters.

370 1947-S MS-68 (NGC). Tied for finest-certified honors among 1947-
S Quarters that have been submitted to PCGS and NGC, this spectac¬
ular Superb Gem is seemingly deserving of a ★ designation for superior
eye appeal. The obverse is nearly fully toned in dominant orange-copper
patina with intermingled highlights of cobalt-blue, salmon-pink and an¬
tique-gold colors. The reverse, while equally original, exhibits speckled
olive-orange patina that is largely confined to the upper periphery and the
highpoints of the eagle. Smooth throughout, and possessed of full mint
bloom.

Combined PCGS and NGC Population: only 6; 0 finer.

PCGS# 5835.

From the Marquette-Yakima Registry Set ofWashington Quarters.

373 1948 MS-68 (ICG). Light golden-silver tinting adorns both sides, the
surfaces virtually free of distracting abrasions. Our offering of the present
collection notwithstanding, the 1948 is a very challenging Washington
Quarter to locate in the finest Mint State grades.

PCGS# 5836.

From the Marquette-Yakima Registry Set ofWashington Quarters.

374 1948-S MS-68 (ICG). A coin for the toning enthusiast, the obverse is
awash in blended olive-gold and reddish-copper colors that leave much
of Washingtons portrait virtually brilliant. The reverse is even more vivid,
and it is overlaid in intense crimson-red toning with minimal olive-gold
highlights peering through here and there. Distracting abrasions are not
seen, as befits the impressive MS-68 rating from ICG.

PCGS# 5838.

From the Marquette-Yakima Registry Set ofWashington Quarters.

371 1947-S MS-68 (ICG). Mottled crescents of reddish-russet patina

adorn the peripheries, the color also encroaching upon the centers as tiny
speckles of toning. There is also a base of soft apricot-silver patina on
both sides that does, however, yield to an area of brilliance over the right
obverse. Every bit the Superb Gem, this coin is equally impressive from
the standpoint of originality.

PCGS# 5835.

From the Marquette-Yakima Registry Set ofWashington Quarters.

375 1949 MS-68 (NGC). An interesting coin from the standpoint of ton¬

ing, both sides exhibit dominant blue-gray patination. There are also in¬
termingled blushes of dove-gray patina here and there, as well as blushes
of vivid antique-copper color through the central obverse and at the
lower-left reverse border. The 1949 has the lowest mintage of any P-mint
Quarter struck from 1932 to 1949. This particular coin is tied for finest-
known honors among survivors from this 9.3 million-piece delivery.

Combined PCGS and NGC Population: only 3:0 finer.

PCGS# 5839.

From the Marquette-Yakima Registry Set ofWashington Quarters.

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Page 67

The April 2008 Chicago Rarities Sai i * Session One

376 1949-D MS-68 (NGC). Obviously stored in an original Mint Set
holder for many years, this coin displays mottled olive and orange-red ob¬
verse toning over a base of softer, pearl-gray patina. The vivid colors ap¬
pears to drift toward the border. The reverse features the same basic
colors, but the orange red and olive shadings are confined to a crescent
along the left rim. Softly frosted in luster quality, and expectably smooth
for the impressive MS-68 grade. Condition Census.

PCGS# 5840.

From the Marquette-Yakima Registry Set ofWashington Quarters.

377 1949-D MS-67 (PCGS). Originally and carefully preserved, both sides
exhibit rich, motded, olive-orange patina over smooth-looking surfaces.
Fully lustrous, and solidly graded as a Superb Gem in all regards.

PCGS Population: 26; with a lone MS-68 finer.

Ex: Nick Cascio.

378 1950 MS-67 (PCGS). Brilliant surfaces allow full appreciation of
bountiful mint frost. This is a sharply struck coin whose surfaces arc ex¬
pectably pristine for the Superb Gem rating. Tie 1950 is conditionally
rare in MS-67 and unsurpassable in grade at either PCGS or NGC.

379 1950-D MS-68 (NGC). The single-finest 1950-D Quarter known to
PCGS and NGC, this originally toned example is bursting with a mul¬
titude of different colors. The patina is most extensive along the lower
obverse border and the upper half of the reverse. All areas are eq uall y
pristine with full, shimmering mint luster. Eagerly anticipating inclusion
in another NGC Registry Set of this popular 20th century U.S. coin se-

380 1950-D/S FS-021. MS-65 (PCGS). Like most examples of this pop¬
ular overmintmark, this coin possesses only minimal toning in pale-gold
iridescence. On the other hand, the surfaces are exceptionally well pre¬
served with no abrasions that would call into question the validity of the
Gem grade. Housed in a first-generation PCGS holder.

PCGS Population: 16; with a mete five finer.

From the Marquette- Yakima Registry Set ofWashington Quarters.

381 1950-S MS-68 (NGC). There is a base of golden iridescence on both

sides, over which mottled copper-russet patina has gathered. The latter
color is mostly confined to the areas at and near the left borders. With
not even a single distracting abrasion in evidence, it should come as no
surprise to read that this coin is tied for finest-certified honors among
PCGS and NGC-certified examples of the issue.

Combined PCGS and NGC Population: only 0 finer.

From the Marquette- Yakima Registry Set ofWashington Quarters.

382 1950-S/D FS-022. MS-67 (NGC). Unsurpassable in technical quality

for an example of this popular overmintmark, both sides are fully frosted
without even a single distracting abrasion to report. This coin is also es¬
sentially brilliant, and two tiny, faint swirls of milky-gold tinting in the
left and right-obverse field areas are not evident at all angles. Really a
lovely coin, this Superb Gem would do justice to the finest Washington
Quarter set.

Combined PCGS and NGC Population; 11; 0 finer.

PCGS# 5845.

From the Marquette- Yakima Registry Set ofWashington Quarters.

From the Marquette- Yakima Registry Set ofWashington (Quarters.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

383 1951 MS-68 (NGC). Fully original, both sides are awash in dominant

steel-gray patina. The toning is quite vibrant given the depth of the color,
and intermingled blushes of orange and salmon-pink iridescence toward
the left borders further enliven the surfaces. Frosty mint luster is vibrant
throughout, and it is undisturbed by even a single detracting abrasion.
Finest known!

Combined PCGS and NGC Population: just 1; and none are finer.

PCGS# 5846.

From the Marquette-Yakima Registry Set ofWashington Quarters.

384 1951 MS-68 (ICG). This ICG-certified Superb Gem is free of out¬
wardly noticeable abrasions. Both sides are equally original in tone. While
the obverse exhibits dominant copper-gray patina with a crescent of or¬
ange-gold tinting along the lower-right border, the reverse is awash in
warmer orange-charcoal shades that appear to drift toward the border.
Fully lustrous with a softly frosted texture to the mint finish.

PCGS# 5846.

From the Marquette-Yakima Registry Set ofWashington Quarters.

385 1951-S MS-68 (NGC). The toning that this coin possesses really needs

to be seen to be fully appreciated. The obverse exhibits a nearly dominant
base of antique-gold patina over which mottled, vivid shades of red, blue,
pink and sea-green have gathered. There are also isolated areas of near
brilliance on that side along the right border. The reverse is markedly
different in appearance and, in fact, it is untoned with the exception of
a few speckles of copper-russet toning around the periphery. A fully
frosted and conditionally rare Superb Gem that is housed in an older
NGC holder with a thick border and large hologram.

Combined PCGS and NGC Population: only 8; 0 finer.

PCGS# 5848.

From the Marquette-Yakima Registry Set ofWashington Quarters.

386 1952 MS-68 (NGC). Deeply and originally toned, this exquisite Su¬

perb Gem blends dominant charcoal and slate-gray patination over fully
frosted surfaces. There are also vivid highlights of electric-blue and crim¬
son-red colors that exist predominantly as crescents of toning around the
obverse periphery. The reverse border also reveals soft apricot-colored
tinting that enlivens the appearance on that side of the coin. Precious
few 1952 Quarters are as pristine as this piece, and we doubt whether the
other MS-68s listed at NGC are as richly toned.

NGC Census: only 4; 0 finer. PCGS has yet to certify a single 1952 Quarter finer than MS-67.

PCGS# 5849.

From the Marquette-Yakima Registry Set ofWashington Quarters.

387 1952-S MS-68 (NGC). Although mottled in distribution, olive-cop¬
per patina does dominate the outward appearance on the obverse of this
exceptional Superb Gem. The reverse is mostly brilliant, on the other
hand, but there are blushes of charcoal-gray color over and near the rim.
Full mint frost and sharp striking detail further enhances already strong
technical and aesthetic merits. Housed in an older NGC holder with a
thick border and large hologram.

Combined PCGS and NGC Population: 12; 0 finer.

PCGS# 5851.

From the Marquette-Yakima Registry Set ofWashington Quarters.

388 1953 MS-68 (NGC). Handsome olive and reddish-copper patina is
mostly confined to the peripheries, and then again the colors are a bit
more vivid on the obverse than they are on the reverse. The toning, how¬
ever, has more of an even distribution on the reverse. Exceptional quality
in an example of this P-mint issue, this MS-68 is alone at the top of the
PCGS and NGC population reports as far as the 1953 Washington
Quarter is concerned.

Combined PCGS and NGC Population: only 1; 0 finer.

PCGS# 5852.

From the Marquette- Yakima Registry Set ofWashington Quarters.

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Page 69

The April 2008 Chicago Rarities Sai i • Session One

389 195 3-D MS-67 (PCGS). Otherwise tannish-silver patina yields to

crescents of warmer olive-copper toning along the right-obverse and left-
reverse borders. The center and right portions of the reverse are actually
nearly brilliant, unlike the center and left portions of the reverse where
the aforementioned tannish-silver patina is most noticeable. Fully lus¬
trous, and uncommonly well-preserved for an example of this otherwise
readily obtainable Denver Mint issue.

PCGS Population: 14; 0 finer.

PCGS# 5853.

From the Marquette - Yakima Registry Set ofWashington Quarters.

390 1953-S MS-68 (NGC). Warm olive-orange peripheral highlights in¬

terrupt an otherwise dominant overlay of lavender-silver patina. All areas
are equally lustrous, the surfaces frosty in texture and silent on the subject
of distracting abrasions. Another exceptional example from this high-
quality Registry Set.

From the Marquette- Yakima Registry Set ofWashington Quarter .<

391 1954 MS-68 (NGC). This richly original Superb Gem is neither

matched nor surpassed by any other 1954 Washington Quarters that
have been submitted to PCGS and NGC for certification. The obverse
exhibits steel-lilac, pink and antique-gold patination, the colors well
blended from rim to rim. The reverse, while equally original, exhibits
dominant golden-copper toning with small areas of silvery tinting peer
i.ig through here and there. Neither the luster quality nor the surface
preservation are worthy of even the most trivial criticism.

From the Marquette- Yakima Registry Set of Washington Quarters.

392 1954-D MS-67 (PCGS). The surfaces are splashed with sea-green,

lavender-copper, apricot and pink colors over a base of antique-gold
patina. All areas save for the left-center reverse display at least some ton¬
ing, and the originality of this piece is beyond contestation. Unsurpass¬
able in grade at either PCGS or NGC, this lovely Superb Gem would fit
nicely into any Registry Set. A tiny nick in the right-obverse field is noted
solely for the sake of accuracy.

PCGS Population: only 7; and none arc finer at cither of the major certification services.

PCGS# 5856.

From the Marquette- Yakima Registry Set ofWashington Quarters.

Top-of-the-Pop 1954-S Quarter

The Only MS-68 Listed at PCGS

393 1954-S MS-68 (PCGS). In an absolute sense, the 1954-S can certainly

not be ranked among the rarest issues in the Washington Quarter series.
After all, the San Francisco Mint struck a significant total of 11.8 million
Quarters that year, and a sizeable number of Mint State examples have
survived to the present day. The typical example, however, grades no
higher than MS-66. Superb Gems in MS-67 are conditionally rare, while
the present example is the only MS-68 known to PCGS. As such, this
impressive piece is a must-have coin for collectors that are competing for
the top ranking on the PCGS Set Registry.

Beautifully toned, the obverse is layered in olive-copper patina with
softer blue-gray, gold and pale-pink highlights that are most readily evi¬
dent at direct angles. The reverse is brilliant, and both sides are equally
free of grade-limiting abrasions.

PCGS Population: only 1; and none are finer.

PCGS# 5857.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

394 1954-S MS-68 (NGC). A simply breathtaking representative of this
otherwise plentiful S-mint issue, both sides exhibit a base of antique-
gold patination. The overlying colors are what really enliven the surfaces,
however, and they include sea-green, red, olive and copper-russet shades
that are largely confined to the peripheries. Fully frosted over smooth¬
looking features, this coin is sure to please the quality-conscious collector
that also values originality. Housed in an older NGC holder with a thick
border and large hologram. The 1954-S is the final business strike Wash¬
ington Quarter delivery from the San Francisco Mint.

Combined PCGS and NGC Population: only 4; and none are finer at either service.

PCGS# 5857.

From the Marquette-Yakima Registry Set ofWashington Quarters.

395 1955 MS-67 (PCGS). Mottled lavender and blue-gray patina is
warmest at the upper-left obverse border and over much of the reverse.
All areas are equally lustrous, the surfaces frosty in finish with a smooth,
Superb-quality sheen. Unsurpassable in grade at either PCGS or NGC,
and important for Registry Set purposes, as such.

PCGS Population: 23; 0 finer.

PCGS# 5858.

From the Marquette-Yakima Registry Set ofWashington Quarters.

396 1955-D MS-66 (PCGS). Light golden-tan patina blankets the obverse
but is largely absent from the reverse. A satiny Gem, this ‘55-D Quarter
would fit nicely into any high-quality set. There are no examples of this
issue certified above the MS-66 grade level at PCGS.

PCGS# 5859.

From the Marquette-Yakima Registry Set ofWashington Quarters.

397 1956 MS-68 (NGC). Both sides are rather deeply toned, although the

color is original with a mostly charcoal-blue shade. We also note some
variegated copper-gray patina in the centers that blends nicely with the
dominant color. Wholly lustrous, and housed in an older NGC holder
with a thick border and large hologram.

Combined PCGS and NGC Population: just 3, of which this is the only NGC-certified example; 0 finer.

PCGS# 5860.

From the Marquette-Yakima Registry Set of Washington Quarters.

398 1957 MS-68 (NGC). Rich lavender-charcoal toning blends with a

crescent of midnight-blue peripheral color on the obverse of this unques¬
tionably original Superb Gem. The reverse displays dominant charcoal
patina through which lilac, blue-gray, gold and salmon-pink undertones
shine when that side of the coin dips into a light. Fully frosted in luster
quality, with not even a single distracting abrasion to report.

NGC Census: just 3; 0 finer. The corresponding PCGS population is 0/0.

PCGS# 5862.

From the Marquette-Yakima Registry Set ofWashington Quarters.

399 1958 MS-68 (NGC). Finest known for the issue, this richly toned ex¬
ample is the only 1958 Quarter to have received an MS-68 grade from
PCGS and NGC. It is housed in an older holder from the latter service
with a thick border and large hologram. Layers of steel-gray and mid-
night-blue colors envelop both sides, through which isolated highlights
of lavender-pink, gold and apricot can be seen when the coin rotates
under a light. The toning has somewhat of a speckled distribution near
the right-obverse border, but there are no distracting abrasions or other
signs of handling. A coin that is sure to be of interest to advanced collec¬
tors that appreciate the utmost in technical quality and originality.

Combined PCGS and NGC Population: just 1; 0 finer.

PCGS# 5864.

From the Marquette-Yakima Registry Set ofWashington Quarters.

400 1958-D MS-68 ★ (NGC). Simply a delight to behold, both sides are
awash in warm olive-gold and reddish-orange patination. The colors are
rather well blended on the obverse, but they are largely distinct on the re¬
verse with the more vivid shades confined to the periphery. A sharply
struck Superb Gem that is fully deserving of the ★ designation for su¬
perior eye appeal.

'•<( ensus: only i. two of whit h have a * designation and two of which do not; 0 finer. I'< X >S has

not certified a single 1958-D Quarter finer than MS-67.

PCGS# 5865.

From the Marquette-Yakima Registry Set ofWashington Quarters.

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Page 71

The April 2008 Chicago Rarities Sai f • Session One

401 1958-D MS-68 (ICG). Both sides of this coin are richly toned in red.

orange, powder-blue, olive, gold, apricot-gray and copper-tan colors.
The most vivid shades are present at the right borders, but all areas are
equally pleasing to the eye. There are no distracting features, as befits the
MS-68 grade.

From the Marquette- Yakima Registry Set ofWashington Quarters.

402 1960 MS-67 ★ (NGC). The obverse is richly original in tone with

golden peripheral color framing reddish-russet and charcoal-blue patina
in the center. The reverse, however, is fully brilliant. With smooth sur¬
faces and vibrant mint frost, this coin belongs in an advanced Washing¬
ton Quarter collection that highlights solid technical quality as well as
impressive toning.

Superb 1961-D Quarter

The Only PCGS MS-67

403 1961 -D MS-67 (PCGS). Although they are extremely common issues

in ail absolute sense, the 90% silver Washington Quarters struck during
the early 1960s are remarkably rare in the finest Mint State grades. As a
rule, these issues were just not handled with sufficient care to guarantee
the survival of a large number of Superb Gems. Take for example the
1961 -D, which has a staggering original mintage of 83.6 million pieces
but is presently unique in PCGS MS-67. A glorious example, both sides
are awash in scintillating mint frost that is fully appreciable in the absence
of mentionable toning. Distracting abrasions are also not seen, and the
overall appearance is essentially pristine.

PCGS# 5871

From the Marquette- Yakima Registry Set ofWashington Quarters.

404 1961-D MS-67 (NGC). Despite their commonness in an absolute \

sense, 1961-D Quarters are genuinely rare coins in the finest Mint State I
grades. Every bit the Superb Gem, the example in this lot is lightly toned
in silver-gray tinting with mottled reddish-russet highlights along the left
borders on both sides. Fully lustrous and smooth, this piece would make
an impressive addition to a high-ranked Registry Set of mixed PCGS
and NGC coins.

Combined PCGS and NGC Population: only 8; 0 finer.

PCGS# 5871.

405 1964-D MS-67 (PCGS). An exceptionally well-preserved example of

this final-year issue in the 90% silver Washington Quarter series of 1932-
1964, this Denver Mint coin possesses satiny mint bloom and sharply
struck devices. There is none but the lightest golden-silver tinting to re¬
port, and grade-limiting abrasions are conspicuous by their absence.

PCGS Population: 28; 0 finer.

PCGS# 5877.

From the Marquette- Yakima Registry Set ofWashington Quarters.

Half Dollars

406 1795 0-104. Rarity-4. EF-45 (NGC). This steel-gray example is a

comfortable Choice EF with overall light wear to both sides. Although
we would not be surprised to see some scattered distractions for an early
Half that saw 15 points of circulation, this coin is quite smooth with re¬
ally no mentionable abrasions. With the exception of the highpoints
(where much of the wear has manifested itself), the devices are suitably
bold in detail. In the Autumn 2007 edition of Auction &Mail Bid Prices
Realized for Bust Half Dollars: 1794-1839 , Stephen J. Herrman ranks
this coin 14th on his census of 1795 0-104 Halves.

PCGS# 6052.

From Heritages sale ofthe Jules Reiver Collection, January 2006, lot22842.

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Bowers and Mf.rena Auctions

407 1795 0-114. Rarity-6. MS-64 (NGC). The Mint required a staggering total of 32 different marriages between 19 obverse and 22 reverse
dies to produce approximately 299,680 Half Dollars in 1795. Such a large number of dies is indicative of the problems that the early Mint
had in both procuring high-quality steel and then extending the working life of the dies themselves. The reported mintage of Half Dollars
for the year is also substantial, and it confirms the popularity of this denomination among contemporary bullion depositors. The ascendancy
of this denomination would continue through the early 1850s when rising silver prices finally forced a sharp decline in the number of Half
Dollars struck.

Overton-114 is one of the rarer die marriages of the 1795 Half, and the present near-Gem is the finest known as reported by Stephen J.
Herrman in the Autumn 2007 edition of Auction & Mail Bid Prices Realizedfor Bust Half Dollars: 1794-1839. Richly original in tone, both
sides exhibit dominant lavender-charcoal patina with richer olive and apricot peripheral highlights on the obverse. The reverse also reveals
golden-blue undertones with the aid of a light, but the colors are more extensively distributed throughout that side. The strike is a bit soft
over the central highpoints and in isolated areas at the rims, but not distractingly so for an early Half of this type. There are few abrasions in
the context of the assigned grade, and a rather well-concealed reverse graze over the top of the eagle’s right (facing) leg and tail is mentioned
almost exclusively for pedigree purposes.

NGC Census (all die marriages): only 6; 4 finer.

PCGS# 6052.

From Superior’s Pre-Long Beach Elite Coin Auction, May 2005, lot3506.

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Page 73

TheAprii 2008 Chicago Rarities Sali • Session One

408 1795 0-116. Rarity-5. VF-25 (PCGS). When paired with Reverse
M, Obverse 8 of the 1795 Flowing Hair Half exhibits (among other di¬
agnostics) the word UNITED clashed under the word LIBERTY at the
upper-obverse border. Wear has lessened the visual impact of the dash-
marks on the present example, but they are discernible with the aid of a
loupe. A problem-free, mid-grade survivor, this coin exhibits mostly even
slate-gray patina over surfaces that are free of noteworthy abrasions. A
blush of brilliance on the reverse through the letter E in UNITED should
not be mistaken for a distracting abrasion or impairment. Relatively well
defined over the central devices despite the presence of moderate wear.

PCGS# 6052.

411 1806 O-l 18a. Rarity-3. Pointed 6, Stem. AU-50 (NGC). This

originally preserved example exhibits mottled olive and pale-orange iri¬
descence over a base of light, even, silver-gray patina. This coin is gener¬
ally well struck for an early U.S. Half Dollar, but softness of detail over
the eagles left (facing) shoulder and the ribbons at the back of Liberty’s
hair seems to be associated with the shattered state of the reverse die when
the coin was struck. Indeed, the plate coin for the 0-118a dies in the
Third Edition of Overtons early Half Dollar reference has a similar strike
to the present example. Free of individually mentionable abrasions, and
housed in an older NGC holder with a thick border and large hologram.

PCGS# 6071.

412 1807 Draped Bust. 0-102. Rarity-2. AU-50 (PCGS). Rich char¬

coal and antique-copper patina blankets both sides, the depth of toning
strengthening the apparent relief of the devices. There is no doubt that
this coin is very sharply struck by the standards of the Draped Bust Half
Dollar series, and even light circulation has not resulted in any bother¬
some lack of detail. A few wispy abrasions in the center of the obverse in¬
terrupt an otherwise remarkably smooth appearance for an early U.S.
silver coin of this size at the lower reaches of AU.

410 1806 0-109. Rarity-1. Pointed 6, No Stem. AU-50 (PCGS).
There is ample evidence of a semi-prooflike finish on both sides of this
coin, a feature that is readily appreciable since there is essentially no ton¬
ing and the surfaces are easily overtaken by brilliance at direct angles.
Well struck from a nicely centered impression, this minimally circulated
B ast Half is also free of singularly mentionable abrasions despite some
stuffiness to the surfaces.

413 1807 Draped Bust. 0-110a. Rarity-3. AU-58 (PCGS). CAC. A
lovely representative that has stronger eye appeal than many BU examples
that we have seen, this piece is minimally worn with much of the original
satin-to-semi-prooflike luster remaining. The obverse is peripherally
toned in beautiful medium-blue and orange-gold colors that suggest
long-term storage in a cardboard album. The reverse is more brilliant in
appearance, but whispers of medium-blue and gold iridescence are pres¬
ent here and there at the borders. Wispy abrasions are noted, as is a tiny
nick in the upper-left obverse field, but none of these features are out of
context for an early Half that saw light circulation before finding its way
into a numismatic collection. Worthy of the premium-quality designa¬
tion from CAC in all regards, this coin comes highly recommended ei¬
ther for type purposes or inclusion in a specialized set of Bust Halves.

PCGS# 6079.

409 1795 0-119. Rarity-4. VG-10 (NGC). lavender-gray obverse ton¬
ing and olive-gray reverse patination confirm the originality of this sec¬
ond-year Half Dollar struck in the fledgling United States Mint.
Although well worn, both sides retain at least outline definition to all
major design elements. Most areas are quite smooth in the context of
the assigned grade, but a few small-to-moderate digs on the obverse over
the top of Liberty’s head and at star 2 are worth mentioning.

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The April 2008 Chicago Rarities Sale • Session One

414 1818/7 0-101. Rarity-1. Large 8. AU-55 (PCGS). Brilliant surfaces
allow ready appreciation of sharp striking detail and ample remaining
luster. A bit scuffy from circulation, yet free of individually mentionable
distractions. The PCGS holder is an older variant with a green insert.

PCGS#6115.

415 1823 0-103. Rarity-2. MS-64 (PCGS). Otherwise essentially bril¬
liant, the obverse exhibits speckles of charcoal-russet patination. The re¬
verse is both more evenly and extensively toned in pretty olive-gray shades
with iridescent-apricot undertones evident at direct angles. A sharply
struck and frosty near-Gem mounted in a first-generation PCGS slab.

PCGS# 6131.

416 1825 0-115. Rarity-3. MS-65 (NGC). Speckles of well-blended olive
toning around the peripheries interrupt an otherwise even overlay of laven¬
der-silver patina. Liberty’s portrait and much of the reverse eagle are suffi-
ciendy sharp in strike for a Bust Half, and bluntness to the detail over the
middle of the reverse scroll and several of the obverse stars is not overly de¬
tracting to the eye appeal. As well, this coin retains full, vibrant, softly frosted
luster, and it is also expectably free of distracting abrasions for the Gem grade.

PCGS# 6142.

417 1826 0-105. Rarity-3. MS-64 (NGC). Isolated blushes of pale-apricot
and, at the digit 6 in the date, charcoal-russet peripheral toning interrupt an
otherwise brilliant appearance. Both sides of this coin have been sharply
struck from a well-centered impression, and they also possess shimmering,
satin-to-softly frosted luster that also confirms this coin’s desirability as a
high-grade type candidate. Overall smooth, with interesting shelf or me¬
chanical doubling (as struck) on the obverse along Liberty’s profile.

PCGS# 6143.

418 1827 0-109. Rarity-4. Square Base 2. MS-64 (NGC). Warm dove-
gray patina with blushes of deeper, charcoal-gray toning in select areas at
the denticles. Impressively sharp in strike, and free of outwardly notice¬
able distractions, this piece would do equally well in a high-grade type set
or a specialized collection of Bust Halves.

PCGS# 6144.

420 1828 0-109. Rarity-3. Square Base 2, Large 8s. MS-64 (PCGS).
This richly and evenly toned near-Gem possesses dove-gray patination
that blends with intermingled olive-gray highlights at the rims. Both
sides are exceptionally smooth even for the assigned grade, and PCGS
may very well have returned an MS-65 rating were the luster possessed
of a more vibrant sheen. Well struck throughout, this coin is equal in
quality to the PCGS MS-64 in the #4 ranking in Stephen J. Herman’s
Autumn 2007 edition of Auction &Mail Bid Prices Realizedfor Bust Half
Dollars: 1794-1839.

PCGS# 6150.

1828 0-101. Rarity-1. Curl Base, No Knob 2. MS-64 (PCGS).

Light silvery-pink patina blankets the obverse in a nearly even manner,
while the reverse is brilliant save for blushes of golden iridescence along
the border. Equally lustrous in all areas, this is a sharply struck near-Gem
that is just a few stray abrasions away from an even higher grade. The re¬
verse die of the 1828 O-101 variety was also used to strike some Capped
Bust Half Dollars in 1827.

PCGS# 6148.

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Page 75

The April 2008 Chicago Rarities Sail » Session One

421 1829 0-105. Rarity-1. MS-64 (PCGS). Appealing for high-grade

type purposes, this satiny near-Gem is layered in warm slate-gray patina.
There are also olive-gray highlights intermingled here and there around
the peripheries, and they are most readily evident over the lower-right ob¬
verse. Generally sharp in strike, the smooth surfaces are really not all that
far from an even higher grade.

PCGS# 6154.

422 1829 0-115. Rarity-1. MS-65 (PCGS). CAC. A handsome, fully

original Gem, both sides are bathed in copper-gray patina that blends
with more vivid colors of blue-gray, gold and orange-red toward the rims.
Softly frosted mint luster remains vibrant throughout, and a sharply, if
nor fully executed strike is readily appreciable after even a cursory perusal
of the surfaces. Sure to be of interest to the collector that values originality
as well as high technical quality.

423

1830 0-114. Rarity-5. Large Letters. EF-40 (NGC). This is a rare
die marriage of the 1830 Capped Bust Half Dollar, and the present ex¬
ample is finer than the NG(' VF-35 that sold as lot 23163 in Heritage's
January, 2006 sale of the Jules Reiver Collection. We are not sure if this
coin is listed in the Autumn 2007 edition of Auction & Mail Bid Prices
Realizedfor Bust Half Dollars: 1794-1839 by Stephen J. Herrman, but a
sm-'ll circular toning spot at the tip of Liberty’s nose should help establish
the pedigree. Otherwise silver-gray in tone, both sides retain appreciable
amounts of satiny mint luster despite having seen 20 points of circula¬
tion. The overall detail is sufficiently bold tor an LF representative of this
die marriage, and there are no individually conspicuous abrasions to re¬
port. Definitely an important find for the advanced Bust Half Dollar
specialist.

424 1831 0-109. Rarity-1. MS-65 (NGC). Bright, satiny luster peers

through a veil of light, attractive, pinkish-silver patination. Direct angles
also reveal a blush of apricot iridescence along the right-obverse border.
Pleasingly sharp in strike and carefully preserved, this Gem certainly
ranks as one of the most visually appealing survivors of this late-date issue
in the Bust Half Dollar series.

PCGS#6159.

425 1832 0-103. Rarity-1. Small Letters. MS-63 (PCGS). Medium

orange-silver patina deepens a bit toward the rims. Well struck and quite
smooth, some muting to the obverse luster is all that appears to keep this
coin from a near-Gem grade.

426 1833 0-102. Rarity-1. MS-65 (NGC). Easily among the finest-
known examples of the 1833 0-102 die pair, this Bust Half possesses
modest cartwheel visual effects from a softly frosted mint finish. The out¬
ward appearance, nevertheless, is largely one of original pinkish-silver
patina and, near the borders, mottled olive-russet highlights. Sharply im¬
pressed from the dies, and silent on the subject of bothersome abrasions,
this Gem would serve as a highlight in any specialized collection of earlv
Halves.

From our sale of the Louis E. Eliasberg, Sr. Collection, April 1997, lot 1882.

Page 76

Bowf.rs and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

427 1833 0-114. Rarity-2. MS-64 (PCGS). Somewhat iridescent, olive-
copper patina adorns much of the obverse, but it is confined to the pe¬
riphery on the reverse. Both sides have an equally satin texture to the
surfaces. The luster could be more vibrant, however, but there really is not
much to report in the way of small, wispy abrasions. Sharply impressed.

PCGS# 6163.

428 1834 0-105. Rarity-1. Large Date, Small Letters. MS-64 (PCGS).
CAC. A strong candidate to represent the Capped Bust Half Dollar in
a high-grade type set, this near-Gem 1834 displays vibrant, satiny luster
over smooth-looking surfaces. A bit of pale pinkish-silver tinting in the
center of the obverse is the only toning of note, and the only area of men-
tionable softness of detail is confined to the eagle’s left (facing) shoulder
on the reverse. All-in-all, this is a very attractive coin that is bumping up
against the MS-65 grade level.

PCGS# 6165.

429 1834 0-106. Rarity-1. Large Date, Small Letters. MS-64 (PCGS).
Bright, fully lustrous and adorned with the lightest golden iridescence,
this coin is seemingly earmarked for inclusion in a high-grade type set.
There really are no distracting abrasions to report, and the strike is pleas¬
ingly sharp in all areas save for on the reverse over thee eagles left (facing)
shoulder.

PCGS# 6165.

430 1836 Lettered Edge. 0-117. Rarity-3. MS-62 (PCGS). A pleasing
BU type candidate, this PCGS-certified example is veiled in silver-gray
patina that lightens to near brilliance over much of the reverse. Satiny in
texture with no individually distracting abrasions, the surfaces allow ready
appreciation of a well-executed strike.

PCGS# 6169.

431 1836 Lettered Edge. 0-122. Rarity-2. MS-64 (NGC). A nice near-

Gem type candidate, this coin offers full, satiny luster and bold-to-sharp
striking detail. Additional positive attributes include mottled reddish-
copper obverse toning that yields to a blush of cobalt-blue patina along
the upper-left border, equally intense reddish-gold peripheral toning on
the reverse and a lack of distracting abrasions. There are no readily evi¬
dent detractions, and the eye appeal is sure to please collectors that ap¬
preciate extensive toning.

PCGS# 6169.

432 1854-0 Arrows. MS-64 (PCGS). Along with the 1854 and the

1855-0, the 1854-0 is the preferred type candidate from the Arrows,
No Motto Seated Half Dollar subseries among high-grade collectors.
This fully frosted near-Gem is sharply struck with only a minimal num¬
ber of wispy abrasions. Accuracy, however, does compel us to mention
small disturbances in the upper-reverse field above and below the eagles
head. A bit of light golden tinting is largely confined to the obverse, but
the strike is sharp throughout.

PCGS# 6280.

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Page 77

Thf. April 2008 Chicago Rarities Sale

Session One

Breathtakingly Beautiful
1863 Seated Half Dollar

435 186^ MS-66 ★ (NGC). CAC. Produced in the Philadelphia Mint

during this pivotal year of the American Civil War (Grant took Vicksburg
in the Western theater of war, and the Battle of Gettysburg was fought
in the Eastern theater), the 1863 Half Dollar is an issue that almost cer¬
tainly did not see domestic circulation when it was first struck. Rather,
most of the 503,200 pieces coined were either exported or hoarded, and
many examples were eventually destroyed. While some of the exported
pieces found their way back to the United States in later years, the 1863
is still a scarce issue in circulated grades. Mint State coins are very scarce,
and examples in the finest grades are genuinely rare.

A lovely Gem, this premium-quality example is solidly in the Condition
Census. The original mint finish is full, vibrant and possessed of a semi¬
prooflike texture that includes strong reflectivity in the fields. The devices
are sharply struck over even the most intricate elements of the design, and
all areas are silent on the subject of distracting abrasions. An overlay of del¬
icate golden iridescence rounds out an extensive list of positive attributes.

433 1854-0 Arrows. MS-64 (PCGS). There is a base ofwarm, antique-

gold patina on both sides of this coin, over which mottled steel-gray ton¬
ing has gathered. The latter color is not as widely distributed on the
obverse as it is on the reverse. Pleasingly sharp in strike, especially over
Liberty’s portrait and the reverse eagle, this coin is otherwise an MS-65
with a bit of muting to the luster.

PCGS# 6280.

434 1858 WB-101. Tail Hub Variety 1. MS-64 (PCGS). CAC. As one of
the more readily obtainable issues in the No Mono Seated Half Dollar series,
the 1858 has long been popular for type purposes. This lot offers an origi¬
nally toned near-Gem whose surfaces arc veiled in mosdy tan-gray patina.
There are, however, blushes of more vivid cobalt-blue iridescence on the
obverse in the date area. An otherwise sharp strike wanes a bit around the
obverse periphery, but all areas are equally free of outwardly distracting abra¬
sions. Fully lustrous, with a satin-to-softly frosted texture to the surfaces.

1864 WB-101. MS-64 (NGC). Bright, satiny luster is adorned with
mottled blushes of pinkish-copper iridescence that are largely confined
to isolated peripheral areas. This is a sharply struck coin whose surfaces
appear smooth enough to warrant consideration at the full Gem grade
level. A significant find for the advanced collector of Seated Halves.

1865 Prtrof-65 Cameo (PCGS). Like most high-grade 1865 Seated Half
Dollars encountered in todays market, this attractive Gem is a survivor of
the year’s 500-piece proof delivery. Unlike most proof 1865 Halves, how¬
ever, this piece displays bold contrast between frosty devices and deeply re¬
flective fields. Dusted with light golden-silver tinting, both sides are
expectably smooth in overall appearance for the Proof-65 numeric grade.

PCGS Population: only 5; and just three are finer with a Cameo finish.

1871 Proof-65 (NGC). Original copper-lavender patina envelops both
sides, the toning rich and deeply set. The mint finish is a bit muted, as such,
but direct angles do call forth cobalt-blue undertones around the obverse pe¬
riphery and golden-apricot highlights over much of the reverse. A fully
struck Gem with nary a distracting hairline or contact mark in evidence.

1879 MS-66 (NGC). Radiant, frosty mint luster also includes hints of
semi-reflectivity in the fields. The latter feature is best appreciated under
direct light, but all angles readily reveal pinpoint striking detail and a
smooth. Gem-quality sheen. The only mentionable toning is a bit of iri¬
descent orange-red tinting around much of the obverse periphery.

NGC Census: 33; 10 finer.

PCGS# 6361.

Page 78

Bowers and Merfna Auctions

The April 2008 Chicago Rarities Sale • Session One

440 1879 MS-65 (PCGS). A limited mintage of just 5,900 pieces has al¬
ways made the 1879 Half popular with specialists in Seated coinage.
This Gem business strike is essentially brilliant with noticeable semi-re¬
flectivity in the fields. Sharply struck and smooth, with no abrasions that
would call into question the validity of the MS-65 grade. A lovely piece.

PCGS# 6361.

441 1880 Proof-66 (NGC). Brilliant-finish surfaces glisten beneath origi¬

nal toning that, on the obverse, exhibits mottled reddish-olive and pearl-
gray colors. The reverse is equally original, but the colors are silver-gray,
copper-russet and cobalt-blue in shade. A sharply struck and carefully
preserved proof from a total mintage of just 9,755 Half Dollars for the
year.

PCGS# 6441.

442 1883 Proof-66 Cameo (NGC). Dusted with light, silvery tinting,

both sides of this coin are silky smooth in sheen and undeniably of Gem
quality. A sharp strike and satiny texture help the devices stand apart
from mirror-finish fields. While this coin would certainly fit nicely in a
high-grade proof type set, we must not forget its potential for placement
in a date set of Seated Liberty Halves. The 1883, after all, has a combined
business strike and proof mintage of just 9,039 pieces.

NGC Census: 9; 4 finer with a Cameo finish.

PCGS# 86444.

443 1885 Proof-65 Ultra Cameo (NGC). This impressive strike rarity

exhibits bold field-to-device contrast that readily upholds the Ultra
Cameo designation from NGC. Fully struck throughout, the only men-
tionable toning is a bit of light, hazy-gold tinting at the borders. Both
sides are also smooth in most areas, but accuracy does compel us to men¬
tion a few wispy hairlines in the right-obverse field. The total mintage for
Half Dollars in 1885 amounted to just 6,130 proofs and business strikes.

Combined PCGS and NGC Population: just 8 in all grades with a Deep/Ultra Cameo designation.

PCGS# 96419.

445 1893 Proof-66 (NGC). Mottled steel-olive highlights are present over

a base of softer, silver-gray patination. This coin is expectably well pro¬
duced for a proof, and the surfaces have also been very well preserved
since leaving the Mint. There are, in fact, no outwardly noticeable hair¬
lines or contact marks, and the validity of the Gem grade seems assured
in our minds.

PCGS# 6540.

1892 MS-65 (NGC). Always a popular issue for type purposes, the
1892 is the premier Barber Half Dollar struck in the Philadelphia Mint.
This nicely preserved example is fully lustrous with an equally sharp strike
on both sides. The obverse is untoned save for the lightest silvery tinting
and a bit of mottled copper iridescence at the rim. The reverse, on the
other hand, is richly patinated in dominant olive-copper shades that yield
to a splash of silver-gray color in the center. This coin certainly has an in¬
teresting “look,” but it is wholly original and comfortably graded at the
Gem Mint State level.

PCGS# 6461.

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Page 79

Session One

The April 2008 Chicago Rarities Sam •

446 1893 MS-64 (NGC). Warm orange-gray obverse toning deepens in shade

toward the rims. The reverse, on the other hand, is brilliant with the excep¬
tion of the lightest iridescent tinting in the more protected areas around the
devices and at the denticles. Softly frosted and sharply struck, a couple of
grade-defining abrasions are hardly detracting to the overall eye appeal.

447 1895 MS-65 (PCGS). This handsome Gem is richly toned in blended

reddish-gray, antique-copper and blue-gray shades. Virtually full in strike,
with full mint frost and smooth surfaces that readily uphold the validity
of the assigned grade. A conditionally scarce representative of the issue,
this coin’s greatest appeal is still as a high-grade type coin.

PCGS Population: 16; 6 finer.

448 1896-S MS-6 3 (PCGS). A key-date issue in the Barber Half Dollar series,
the 1896-S is a heavily circulated delivery that was produced to the extent
of just 1.1 million pieces. This Mint State survivor is fully Choice with
bright, satiny luster and none but a few dny, well-scattered abrasions. Bril¬
liant throughout, and possessed of a pleasingly sharp strike to the devices.

449 1900 MS-65 (PCGS). Lustrous, softly frosted surfaces are veiled in

warm lavender-gray and silver-apricot patination that is lighter on the re
verse. On both sides, however, the toning deepens at the right borders,
the obverse with blue-gray highlights in that area and the reverse exhibit¬
ing a blush of reddish-pink iridescence over the right periphery. Pleasingly
sharp in strike with no distracting abrasions, this turn-of-the-century
Gem belongs in a high-grade type set that highlights originality.

PCGS Population: 18:6 finer (MS-67 finest).

PCGS# 6486.

450 1903 Proof-65 (PCGS). Uniformly brilliant in finish, as typically seen in
survivors of this proof Half Dollar issue, both sides radiate sparkling reflec¬
tivity in the absence of even the lightest toning. Fully struck and smooth,
this piece would fit nicely into a high-grade type set of specimen coinage.

451 1904-0 MS-63 (PCGS). A heavily circulated issue that was not saved

in appreciable numbers, the 1904-0 is a scarce-to-rare Barber Half in all
Mint State grades. The present example is peripherally toned in vivid or¬
ange and cobalt-blue colors. The centers are brilliant, however, and the
surfaces appear to be remarkably smooth for the assigned grade. The lus¬
ter could be more vibrant, thus explaining the MS-63 grade from PCGS.

452 1905 Proof-65 (PCGS). Brilliant-finish surfaces are awash in rich char¬

coal-copper patina. The toning recedes a little over the upper-left reverse,
where a small area of silvery near-brilliance is discernible. Fully struck
throughout, and free of distracting hairlines, this coin would fit well in
a high-grade type set that highlights originality. Some mottled antique-
copper patina is more-or-iess blended with the dominant color around
the top of the reverse eagle.'

453 1906-S MS-64 (NGC). This silver-toned example is fully lustrous with

a thick, rich, frosty texture to both sides. Pleasingly sharp, with an original
“look,” we can easily see this piece fitting into an advanced Barber Half
Dollar set. The 1906-S is a semi key-date issue with a fairly limited
mintage of 1.7 million pieces.

PCGS# 6507.

Page 80

Bowers and Mf.rena Auctions

The April 2008 Chicago Rarities Sale • Session One

454 1908 MS-67 (NGC). Here’s a grade that we do not see all that often
on Barber Half Dollars of any date or from any issuing Mint. Indeed, this
‘08-P is an extraordinary representative of the type with full, frosty luster
and virtually pristine surfaces. Bright and brilliant, with a sharply exe¬
cuted strike that further enhances this coin’s desirability as a high-grade
type candidate. Condition Census!

Combined PCGS and NGC Pbpulation: only 6; and none are finer at either service.

PCGS#6512.

455 1908-D MS-65 (NGC). Rich antique-copper and blue-gray patina is

well blended over both sides of this undeniably original Gem. The un¬
derlying mint frost is fully intact and sufficiently vibrant for the assigned
grade, and there are also no distracting abrasions to report. Well struck,
and seemingly earmarked for inclusion in a high-grade type set that also
showcases originality.

NGC Census: 21; 7 finer.

PCGS# 6513.

456 1909-S MS-64 (PCGS). Presenting as brilliant at most angles, this
coin also reveals full, satin-to-softly frosted luster as the surfaces rotate
under a light. There is a bit of delicate, mottled, silver-gold tinting evi¬
dent at isolated angles, but not even careful examination with a loupe re¬
veals more than one or two trivial abrasions. The 1909-S is a heavily
circulated Barber Half that can be quite challenging to locate in the finer
Mint State grades.

PCGS# 6518.

457 1910 Proof-67 (NGC). The limited mintage posted for the business

strike 1910 Half Dollar is sure to result in strong bids for this high-grade
survivor of the year’s proof delivery. Both sides are adorned in rich, mot¬
tled, copper-apricot patina that yields to isolated areas of near brilliance,
particularly over the lower-left obverse. Fully struck with a uniformly
brilliant mint finish, there are no distracting hairlines or other blemishes
in evidence.

NGC Census: 19; 7 finer in Proof-68.

PCGS# 6557.

458 1911-S/S FS-501. Repunched Mintmark. MS-65 (PCGS). Rem¬
nants of the underlying mintmark are still discernible protruding from
the lower serif of the primary S. This is one of the newest discoveries
among RPM varieties, and it remains rare at all levels of preservation. As
a solidly graded Gem, we are confident that the coin being offered here
is the finest known for the variety. Softly frosted in luster quality, with
smooth surfaces, this piece is very easy on the eyes. Both sides are dusted
with silver-gold iridescence. An undeniably important offering for the
advanced collector of Barber coinage.

PCGS# 150843.

459 1914 Proof-67 (NGC). Delicate apricot-silver iridescence blankets
both sides, there are also being warmer lilac and, particularly, olive-copper
highlights in isolated peripheral areas. The finish is uniformly brilliant
over the devices and in the fields, as usually seen on proof Barber Halves
struck from 1902 through 1915. A full strike and lack of distracting hair¬
lines further enhance the eye appeal. The proof 1914 has long enjoyed
heightened demand among date collectors of Barber coinage because the
corresponding business strike delivery from the Philadelphia Mint
amounted to just 124,230 pieces.

NGC Census: 12; with a mere two finer in Proof-68.

PCGS# 6561.

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Page 81

The April 2008 Chicago Rarities Sale » Session One

460 1915-D MS-65 (PCGS). CAC. As one of the more frequently en¬

countered issues in the Half Dollar series, the 1915-D has long been
popular for both circulated and Mint State type purposes. This is a fully
lustrous, smooth-looking Gem that exhibits a bit of delicate golden tint¬
ing on the obverse. The reverse is brilliant, and some isolated softness of
strike is not overly distracting to the eye.

461 1916 MS-66 (PCGS). Warm pinkish silver patina is framed by mot

tied olive and orange-gold peripheral highlights on the obverse of this
originally preserved Gem. The reverse is similar in appearance, except
that the center is closer to brilliance. Fully lustrous and smooth, with an
otherwise bold strike that wanes a bit over the highpoints in and around
the centers. The first-year, low-mintage 1916 has long enjoyed strong
demand among type collectors and those that specialize in the Walking
Liberty Half Dollar series.

PCGS# 6566.

462 1917-D Obverse Mintmark. MS-64 (PCGS). Otherwise pearl-gray

surfaces reveal the lightest, tiniest speckles of olive-russet tinting around
the obverse periphery. Pleasingly sharp in strike, with frosty mint luster
and no abrasions of note.

PCGS# 6570.

463 1917-S Reverse Mintmark. MS-64 (PCGS). Emerging detail in the

centers is a noteworthy attribute, as are surfaces that are free of noticeable
abrasions. On the other hand, Liberty’s head and the eagles trailing leg
feathers are softly impressed, and both are muted in sheen beneath an
overlay of mostly slate-gray patina. The 1917-S Reverse is a much more
challenging issue to locate in the finer Mint State grades than an original
mintage of 5.5 million pieces might suggest. Most examples were placed
into circulation and relatively few were set aside at the time of issue.

PCGS# 6573.

Gem 1918-S
Walking Liberty Half

464 1918-S MS-65 (PCGS). In the forthcoming book Collecting & Invest¬
ing Strategies for Walking Liberty Half Dollars, Jeff Ambio ranks the 1918-
S as the ninth rarest of the 65 issues in this series in the finer Mint State
grades. The author also accounts for just 50-60 distinct examples in MS-
65, and just four or five coins are believed in exist at higher levels of
preservation.

This important Gem is fully lustrous beneath a dusting of mosdy
light-gold iridescence. The strike is incomplete over the highpoints of
Liberty’s portrait and the reverse eagle, but we stress that there is essen¬
tially no such thing as a fully defined 1918-S Walker. There is emerging
detail to Liberty’s right (facing) hand and the eagle’s breast on the present
coin, and these attributes are noteworthy by the standards of the issue.
Definitely among the nicer 1918-S Half Dollars available to advanced
numismatists that specialize in this popular 20th century series.

PCGS Population: only 28; with a mere two finer.

465 1918-S MS-64 (NGC). Were it not for a few- isolated blushes of olive-or¬

ange iridescence at the rims, this coin would be completely brilliant. The
overpowering influence of frosty mint luster to the outward appearance can¬
not be denied and, in conjunction with an generally smooth-looking sheen,
provides relatively strong e\ e appeal for an' 18-S Walker in MS-64. Typically
soft in strike over the highpoints in the around the centers.

PCGS# 6576.

Page 82

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

466 1920-S MS-64 (NGC). An elusive coin that was not widely saved at the time of issue, the 1920-S is the tenth rarest of the 65 Walking Liberty Half Dollars

in terms of total number of Mint State coins known. This is a pleasing near-Gem with moderate toning in blended pinkish-gray and golden-gray shades. The
overall strike is quite impressive for an S-mint Walker, and there are no outwardly noticeable abrasions to report.

PCGS# 6582.

467 1921-S MS-65 (NGC). With just 548,000 pieces produced, the 1921 -S has one of the lowest mintages in the entire business strike
Walking Liberty Half Dollar series. Interestingly, the 1921-P and 1921-D were actually struck in fewer numbers at 246,000 pieces and
208,000 coins, respectively. Nevertheless, the 1921-S is the prime rarity in the Mint State Walking Liberty Half Dollar set, and it is also the
second-rarest issue of the type in grades at and above the Gem grade level.

One of just 25-35 so-graded examples believed extant (per Jeff Ambio, 2008), this MS-65 is silky smooth in sheen with nary a distracting
abrasion to report. Both sides possess full, softly frosted luster that highlights an above-average strike. While the detail is not 100% full, the
degree of separation to the finer elements of Liberty’s head, right (facing) hand and the eagles breast feathers is significant for an example of
this often poorly struck issue. Essentially brilliant on the reverse, with mottled sandy-apricot highlights at the obverse rim.

NGC Census: 19; with a lone MS-66 finer.

PCGS# 6585.

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Page 83

TheAprii 2008 Chicago RARmES Sale • Session One

468 1929-S MS-65 (PCGS). With the exception of Liberty's head and the

eagles trailing leg feathers, all design elements possess sufficiently bold
striking detail for a Walking Liberty Half Dollar struck in the San Fran¬
cisco Mint. The surfaces are definitely Gem in quality with full mint
bloom and a minimal number of wispy abrasions. The 1929-S vies with
the 1929-D as the most readily obtainable mintmarked Walker from the
1920s. Even so, it is a conditionally scarce issue in MS-65 that is down¬
right rare any finer. A concentration of die polish lines (as struck) in the
obverse field around the motto IN GOD WE TRUST should not be
mistaken for a post-production impairment.

PCGS# 6590.

469 1935-D MS-65 (PCGS). CAC. Mounted in an older PCGS holder
with a green insert, this coin is definitely at the upper reaches of the MS-
65 grade level. Both sides are vibrantly lustrous, and the surfaces are so
smooth that the coin really does have the "look’’ of an MS-66. Some
characteristic (for the issue) softness of strike over the central obverse
highpoints, however, does seem to confirm the assigned grade. Beautiful,
nonetheless, and brilliant save for a bit of pale silvery tinting at the upper-
left reverse border. In Mint State, the 1935-D is the third rarest of the 19
issues in the middle-date Walking Liberty Half Dollar series of 1934-
1940.

470 1936 Proof-66 (NGC). I he key issue among proof Walking Liberty
Halves, the first-year 1936 has the lowest mintage of any specimen de¬
livery in this series. This fully struck, otherwise untoned Gem reveals the
lightest silvery tinting in and around the centers. The finish is essentially
brilliant, as befits the type, but select angles do call forth the lightest sug¬
gestions of mint frost over Liberty’s portrait. There are no grade-limiting
hairlines or other contact marks.

471 1936-D MS-67 (NGC). Blazing-white surfaces are fully frosted and

generally sharp in striking detail. There is not a single distracting abra¬
sion—an uncommon attribute for an example of this underrated issue
among the middle-date Walking Liberty Half Dollars.

472 1936-S MS-67 (NGC). Extraordinary technical quality in an example

of this scarcer S-mint issue, both sides are free of even a single distracting
abrasion. The surfaces are also void of toning, and they present a radiant,
brilliant-white sheen that allows ready appreciation of fulsome mint frost.
Uncommonly sharp in strike, there are essentially no ill-defined features
on either side. A definite find for the Walking Liberty Half Dollar col¬
lector that is assembling a high-ranked set on the NGC Registry.

47 J 1939 Proof-66 ★ (NGC). CAC. Although all issues in the proof
Walker series were produced with a brilliant finish, a few premium-qual¬
ity examples display appreciable mint frost to the central devices. This is
just such an example, and a modestly cameo finish on the obverse un¬
doubtedly explains the * designation from NGC. Golden toned, with a
full strike and truly memorable eye appeal.

PCGS# 6639.

474 1940-S MS-64 (PCGS). After reviewing a list of coins consigned to this
auction, this cataloger expressed his doubts as to the wisdom of including
a 40-S Walker in MS-64 in a Rarities Sale. Then he saw the coin and all
doubts were quickly dispelled. This is one of the most spectacularly toned
Walkers of any issue that we have ever handled, and it is obviously worth
well in excess of what a brilliant or lightly patinated example would bring
in today’s market. The surfaces are overlaid in swaths of salmon-pink, or¬
ange-gold, sea-green and powder-blue colors that leave only one or two
isolated areas untoned. The most vivid shades are concentrated near the
lower-right obverse and upper-right reverse borders, but it is so extensive
overall that the luster has become slightly muted in sheen. That feature
hardly matters, and neither does a typically soft strike over the central high¬
points, as the vividness of the colors is sure to result in a premium price
being paid for this truly memorable coin.

Page 84

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Key-Date 1941-S Walker in Superb Gem BU

475 1941-S MS-67 (NGC). In MS-65 and higher grades, the 1941-S is the rarest issue in the late-date Walking Liberty Half Dollar series of 1941-1947- A sel¬

dom-offered Superb Gem, this coin possesses impressively bold striking detail that includes emerging definition over Liberty’s head and the eagle’s trailing leg
feathers. The eagle’s breast feathers are quite sharp, and there is good separation between Liberty’s right (facing) thumb and index finger in the center of the ob¬
verse. Fully lustrous and smooth, with a brilliant-white sheen that further enhances already memorable eye appeal.

Combined PCGS and NGC Population: 22; 0 finer.

PCGS# 6613.

Silver Dollars

Mint State 1795 Bolender-1 Silver Dollar

476 1795 Flowing Hair. B-l, BB-21. Rarity-1. Two Leaves. MS-61 (NGC). This satiny BU is mostly sharp in strike with good overall
definition to both sides. In fact, only stars 12-15 on the obverse and the eagles breast on the reverse display what we would classify as men-
tionable lack of detail. Silvery iridescence dominates the outward appearance, but light-tan undertones are also discernible at direct angles.
The latter color is somewhat streaky in distribution around the obverse portrait. The surfaces are much smoother than one might expect for
an early Dollar at the MS-61 grade level, and the eye appeal is quite pleasing.

Along with B-5, B-l is the most readily obtainable die marriage among 1795 Flowing Hair Dollars. As such, the present example is sure
to have no difficulty finding its way into a high-grade type set where a representative of the Two Leaves Guide Book variety is required.

PCGS# 6853.

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Page 85

The April 2008 Chicago Rarities Sale • Session One

477 1795 Flowing Hair. B-2, BB-20. Rarity-1. Two Leaves. VF-20

(PCGS). Housed in a slightly older PCGS holder, the insert correctly
identifies this coin as a Two Leaves example but uses PCGS # 6852 that
is now reserved for Three Leaves examples. This original-looking piece
is toned in mostly even, tan-gray patina that does lighten to silver-gray
shades is some of the more protected areas around the devices. Moderate
wear is evenly distributed over surfaces that still retain bold definition to
the major design elements. Problem free despite having seen considerable
circulation, there are no abrasions of note on either side.

PCGS# 6853.

Choice AU 1795 Three Leaves
Flowing Hair Dollar

478 1795 Flowing Hair. B-5, BB-27. Rarity-1. Three Leaves. AU-55
(NGC). The obverse is quite close to uniform brilliance, but the pe¬
riphery does reveal some light, steel-gray iridescence that is not readily
evident at all angles. The reverse has a different “look" that is dominated
by light, even, lilac-silver patina. Where the two sides meet, however, is
in the areas of striking detail and surface preservation. Both are otherwise
bold with fairly minimal softness of strike over the central highpoints,
and they are also equally free of sizeable or otherwise individually dis¬
tracting abrasions. Bolender-5 is an extremely popular die marriage of
the 1795 Flowing Hair Dollar for type purposes, this coin offering the
added benefit of a high circulated level of preservation.

Lightly Circulated 1795 B-5
Flowing Hair Dollar

479 1795 Flowing Hair. B-5, BB-27. Rarity-1. Three Leaves. EF-45
(NGC). Speckled olive-russet highlights overlay a base of lighter, silver-
apricot iridescence. This coin is quite well defined from a well-centered
strike, an assessment that we still put forth even through there is about
15 points of wear to the higher elements of the design. Wispy abrasions
are also commensurate with the grade, and most are small in size and
singularly inconspicuous.

PCGS# 6852.

Original, Problem-Free
1795 Flowing Hair Dollar in EF

480 1795 Flowing Hair. B-5, BB-27. Rarity-1. Three Leaves. EF-40
(PCGS). The header pretty much sums it up: this is an originally toned,
problem-free example of the ever-popular 1795 Flowing Hair Dollar.
Both sides are layered in well-blended, olive-charcoal and lavender-gray
patina, the former color confined to the peripheries and the latter preva¬
lent in the centers. Plenty of bold striking detail remains, and a few shal¬
low grazes on Liberty’s cheek and neck are not all that significant for an
early Dollar that saw 20 points of circulation. All-in-all, this piece would
fit comfortably into a circulated type set.

PCGS# 6852.

481 1795 Flowing Hair. B-5, BB-27. Rarity-1. Three Leaves. VF-25

(PCGS). CAC. Otherwise soft, tannish-silver patination yields to a halo
of rich olive-copper toning around the obverse periphery'. Still relatively
bold despite being accurately graded at the lower reaches of VF, this piece
has much to recommend it to the type collector that does not want to
spring for an EF or AU representative. Overall smooth to the naked eye,
there are no large or otherwise singularly conspicuous abrasions to report.

PCGS# 6852.

Page 86

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

482 1795 Flowing Hair. B-5, BB-27. Rarity-1. Three Leaves. F-15
(NGC). Evenly toned in blended dove-gray and tan-gray shades, this
coin has no more than the expected amount of wear for having seen con¬
siderable commercial use. The major design elements are still fully out¬
lined, and there is even some bolder definition remaining in protected
areas such as the eagles wings on the reverse. A moderate graze in the
center of the obverse is noted, as is a tiny nick in the reverse field below
the eagle’s head, but the balance of the surface areas are free of individu¬
ally mentionable abrasions.

PCGS# 6852.

Bold 1795 Flowing Hair Dollar
Mint State Details

483 1795 Flowing Hair. B-9, BB-13. Rarity-3. Two Leaves. MS-60
Details—Scratched (ANACS). This coin offers relatively sharp strik¬
ing detail and a bright, mosdy untoned appearance for a more modest
sum. There is no wear to report, and the surfaces are also curiously free
of abrasions. We do, however, see a light reverse pinscratch over the eagles
breast, and the surfaces have somewhat of a “pebbly look” that seems to
suggest some kind of mishandling. A bit of light golden-silver tinting is
confined to the central obverse.

PCGS# 6853.

484 1795 Draped Bust. B-14, BB-51. Rarity-3. Off-Center Bust. EF-
45 (PCGS). CAC. Highly desirable both for first-year type purposes
and as a popular variety in the early Silver Dollar series, this piece is evenly
toned in warm silver-gray patina. The surfaces are remarkably smooth for
having seen 15 points of circulation, and there really are no sizeable or
individually mentionable abrasions. Plenty of sharp definition remains
from a well-executed strike, further enhancing the eye appeal. Worthy of
a premium bid!

PCGS# 96858.

485 1795 Draped Bust. B-15, BB-52. Rarity-2. Centered Bust. F-15

(NGC). Original copper-gray patina lightens in shade a bit on the re¬
verse. There is also deeper charcoal-gray highlights intermingled in many
areas at the borders. The central highpoints are a bit blunt, probably due
to some inadequacies with the strike, but the overall definition remains
pleasingly bold for an early Dollar that saw this extensive circulation.
Free of bothersome abrasions, with an uncommonly smooth appearance
in the context of the assigned grade.

PCGS# 6858.

486 1796 B-4, BB-61. Rarity-2. Small Date, Large Letters. VF-35
(PCGS). Warm copper-gray highlights outline many of the devices on
both sides of this otherwise silver-gray example. The strike is well exe¬
cuted and appears to have been overall sharp, such is the considerable
definition that remains despite the presence of light-to-moderate wear. A
few scattered pockmarks are present in and around the centers, and these
are noted more for accuracy and less because they are particularly distract¬
ing on an early U.S. Silver Dollar that saw 25 points of circulation.

PCGS# 6860.

487 1797 B-3, BB-71. Rarity-2. Stars 10x6. VF-35 (PCGS). Lavender-
silver patina blankets the obverse, the reverse equally toned with more of
a tan-gray color. Both sides feature a well-centered strike that has allowed
plenty of bold definition to remain despite the presence of light-to-
moderate wear. Some softness of detail in the center of the reverse, how¬
ever, is noted for accuracy. Otherwise quite smooth in the context of the
assigned grade, a thin obverse pinscratch is out-of-the-way at the lower-
right rim.

PCGS# 6865.

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Page 87

Tm Ai'kii 2008 Chk ago Rarities Sale • Session One

488 1798 Small Eagle. B-1, BB-82. Rarity-2. 1 3 Stars. EF-40 (PCGS).
Richly original in tone, both sides are bathed in deep dove-gray patina.
This is a well-struck coin by the standards of the early U.S. Mint, and the
devices retain overall bold definition despite being lightly worn over the
higher elements of the design. There are no individually mentionable
abrasions in the context of the assigned grade, and the eye appeal is quite
pleasing from the standpoint of originality. The date 1798 is the last to
appear on Draped Bust Silver Dollars of the Small Eagle Reverse type.

Original Near-Mint 1798
Bolender-13 Silver Dollar

489 1798 Large Eagle. B-1 3, BB-108. Rarity- 3. Pointed 9, Wide Date.

AU-58 (PCGS). This is one of the more plentiful die marriages of the
1798 Large Eagle Silver Dollar, but most examples that we encounter
grade no finer than EF-45. Even low-end AUs are very scarce, while this
near-Mint survivor is decidedly rare. Very few Mint State examples of the
1798 B-13 Dollar are known to exist.

A very pleasing coin, both sides are veiled in soft silver-gold patina
that reveals somewhat of a pinkish-silver cast on the obverse at direct an¬
gles. There are also some slightly deeper, blue-gray highlights intermin¬
gled here and there near the denticles. The overall strike is well executed,
and the definition on the obverse is quite bold. Although the reverse also
appears to have been well struck from the dies, a concentration of adjust¬
ment marks (as produced) in the center has obscured the finer definition
to the eagle’s head and breast, as well as the horizontal stripes in the shield.
Still predominantly lustrous, this satiny example is also praiseworthy due
to a lack of distracting abrasions.

PCGS# 6873

Attractively Original
1798 Large Eagle Dollar

490 1798 Large Eagle. B-14, BB-122. Rarity-4. Pointed 9, Wide Date.
AU-50 (PCGS). PCGS has certified this coin with the description
“Pointed 9, 4 Lines” on the insert, but this variety does not correspond
to any of those listed in the 2008 edition of the Guide Book of United
States Coins by R.S. Yeoman. In order to keep things as simple as possible,
therefore, we have listed this coin using the Guide Book variety. Soft,
even, golden-charcoal patina confirms the originality of this lightly worn
survivor. Overall boldly defined, and free of bothersome abrasions, this
coin is about as nice as they coin for Draped Bust Dollars in AU.

PCGS# 6877.

491 1798 Dirge Eagle. B-15, BB-112. Rarity-3. Pointed 9, Wide Date.

EF-40 (NGC). Rich olive and steel-gray patination to both sides, the
toning nicely concealing the relatively few abrasions that are scattered
about. The strike is softly executed in the centers, but we have handled
many Draped Bust Dollars that are much more blundy defined than this
piece. The detail does sharpen considerably toward the rims, in fact, and
light wear is evenly distributed and not unduly evident in any one area
of the design.

PCGS* 6877.

492 1798 Large Eagle. B-27, BB-113. Rarity-2. Pointed 9, Close Date.

VF-35 (ANACS). Golden-gray patina deepens to a more dove-gray
shade near the borders. Light-to-moderate wear still leaves plenty of
bolder definition to appreciate. While there is not much to report in the
way of wispy abrasions, we do note a somewhat glossy texture to the sur¬
faces.

PCGS# 40018.

Page 88

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

493 1799/8 B-l, BB-142. Rarity-3. 13 Stars Reverse. AU-53 (NGC).
Otherwise tan-gray patination yields to blushes of pale, steel-blue tinting
along the upper-obverse border and on the reverse around the olive
branch and the tip of the eagles left (facing) wing. Both sides are satiny
in texture, appreciable amounts of the original mint finish still discernible
when the coin rotates under a light. This is a sharply struck coin, and it
is a very appealing representative of a popular overdate in the early Silver
Dollar series.

PCGS# 6884.

496 1799 B-8, BB-165. Rarity-3. AU-53 (PCGS). Silver-gray in tone,
both sides are still partially lustrous despite having spent some time in
commercial channels. The strike is a bit soft in the centers—an attribute
that is seen fairly often on early Dollars of this type—but it does sharpen
appreciably toward the borders. The denticles are a bit tight at the upper-
right obverse and lower-left reverse rims, but this feature is not all that
distracting since the coin is mounted in a PCGS holder. Free of singularly
mentionable abrasions, and seemingly earmarked for inclusion in a type
set comprised of AU and/or BU coins.

PCGS# 6878.

494 1799/8 B-3, BB-141. Rarity-3. 15 Stars Reverse. AU-50 (NGC).

Sharply impressed from the dies, the devices retain overall bold, if not
sharp definition despite having seen 10 points of circulation. There are
no individually distracting abrasions on either side, but warm copper-
gray patina is confined to the reverse. The obverse, on the other hand, is
overlaid in smoky blue-gray toning.

PCGS# 6883.

497 1799 B-9, BB-166. Rarity-2. EF-40 (PCGS). Deep, original, an¬
tique-copper patina with blushes of steel-gray tinting intermingled here
and there on both sides. Smooth and well struck, this coin has the eye ap¬
peal of some EF-45s that we have handled in recent sales.

PCGS# 6878.

Although pedigreed as Ex: Hesselgesser on the insert, this coin is actually from Ira

& Larry Goldberg’s Pre-Long Beach Sale, February 2006, lot 1675.

495 1799 B-4, BB-153. Rarity-3. Die State II. Irregular Date, 15-Star
Reverse. EF-40 (NGC). CAC. The second and final use of the Irreg¬
ular Date obverse, the die had shattered by the time this coin was struck.
There are myriad die cracks around the periphery on that side of the
coin, as well as incuse clashmarks from the reverse denticles at the obverse
denticles outside stars 1-6. A richly and originally toned example, both
sides exhibit gunmetal-gray patina that, at the obverse border, assumes
somewhat of an olive-gray cast. Generally well struck, light wear is evenly
distributed over devices that still retain bold definition in all but one or
two isolated areas on the reverse. There are no mentionable abrasions—
an uncommon attribute for an early Dollar that saw 20 points of circu¬
lation.

PCGS# 6879.

498 1799 B-12, BB-160. Rarity-3. AU-50 (NGC). Here’s a nice AU
type coin from the Draped Bust, Large Eagle Silver Dollar series. Both
sides are evenly toned in warm lavender-gray patina, the color assuming
more of a dove-gray cast on the reverse. The strike is well executed for a
product of the early U.S. Mint, although we do note a bit of softness in
the field of stars over the eagles head on the reverse and in the opposing
area on the obverse (Liberty’s bust). Light wear, however, is confined to
the higher elements of the design. Problem free despite having seen 10
points of circulation, and quite pleasing to the eye.

PCGS# 6878.

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Page 89

The April 2008 Chicago Rarities Sali • Session One

499 1799 B-16, BB-158. Rarity-3. EF-40 (NGC). CAC. This coin fea¬
tures a well-centered, overall bold impression from the dies, the devices
retaining good definition despite the presence of noticeable rub. There
is, however, no more wear than one should expect for the assigned grade,
and the surfaces are also free of sizeable or otherwise individually men-
tionable abrasions. Mottled gunmetal-gray, dove-gray and tannish-gray
shades envelop both sides and lighten to more silvery overtones over the
raised features.

PCGS# 6878.

500 1799 B-16a, BB-158. Rarity-5. AU-53 (PCGS). Flashes of original
mint luster peer from the protected areas around the devices as the sur¬
faces rotate under a light. Both sides arc adorned with light silver-gray
tinting that, at direct angles, assumes more of a golden-gray cast. The
overall definition is pleasingly sharp despite the presence of light wear,
and the only individually mentionable abrasion is a thin graze in the
upper-left obverse field. All-in-all, this is a relatively pleasing early Dollar
that should have little difficulty finding its way into a high-grade type set.

501 1799 B-18, BB-154. Rarity-4. Die State IV. EF-40 (PCGS). Orig¬

inally toned, both sides are veiled in predominantly olive-copper and
tannish-gray shades. We do, however, note speckles of richer reddish-
russ-t and olive-russet tinting around the reverse periphery. A late, nearly
terminal state of the reverse die, extensive cracks (as struck) have caused
the die to sink with the result that the central highpoints on both sides
ar • softly impressed. The balance of the detail is sufficiendy bold in the
context of the EF grade level, and the surfaces are problem free with no
individually mentionable abrasions.

502 1799 B-19, BB-155. Rarity-5. Die State IV. EF-45 (PCGS).
Bolender-19 is one of the key die varieties of the 1799 Draped Bust Dol¬
lar, and Bowers (1993) asserts that just 70-110 examples exist in all
grades. Severe cracks in the obverse die developed early, leading to its
premature withdrawal from production after very few coins had been
struck. The reverse die, on the other hand, was paired with a new obverse
and went on to produce examples of the 1799/8 Bolender-2 variety.

This coin was struck from the terminal state of the obverse die, which
means that it was among the final examples of the 1799 B-19 Silver Dol¬
lar produced. Moderate-to-heavy cracks (as made) are seen over the
lower-left obverse and from the upper-right rim to the top of the letter
Y in LIBERTY. The former concentration of cracks caused the obverse
die to sink with the result that this coin is lightly struck in the centers on
both sides. The definition is significantly sharper toward the rims, how¬
ever, and the overall appearance is fairly bold by the standards of the early
Dollar series. Both sides are originally toned in lavender-gray patina that
blends with medium-olive highlights at the borders. Remarkably smooth
for having seen 15 points of circulation, with a bit of old, light verdigris
on the reverse at the D in UNITED that is mentioned solely for accuracy.
EF-45 represents the finest grade that is usually obtainable in an example
of this extremely rare die pairing.

PCGS# 6878

505 1799 B-22, BB-168. Rarity-5. Die State III. F-12 (NGC). B-13.
B-15, B-19 and B-22 are the four rarest die marriages of the 1799
Draped Bust Silver Dollar. As with B-19 (an example of which we are also
offering in this sale), the rarity of B-22 can be explained by early, terminal
die breakage. In the specific case of B-22, the reverse die developed a bi¬
secting horizontal crack that undoubtedly led to its early retirement from
the coining press. The severity of this crack makes B-22 one of the most
visually impressive die marriages of this issue, and it is readily attributable
after even a quick perusal of the reverse. (Although Bowers, 1993, makes
allowance for a Die State I example with a perfect reverse, no B-22 coins
struck from a perfect reverse die have ever been confirmed.)

This otherwise silver-gray example is adorned with warm, golden-
gray and charcoal-russet highlights that are deepest in the protected areas
around the devices. Well detailed and problem free for the grade, there
are no individually mentionable abrasions. A blush of richer lavender-
blue patina along the upper-obverse rim is evident only at direct angles.

PCGS# 6878.

Page 90

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

505 1800 B-10, BB-190. Rarity-2. Very Wide Date, Low 8. EF-40
(PCGS). Glistening, silver-gray surfaces are predominantly lustrous de¬
spite having seen 20 points of circulation. Both sides have a pleasing,
satiny sheen that is free of sizeable or otherwise singularly distracting
abrasions. Generally bold in detail, there is no more than the expected
amount of light-to-moderate wear, much of which is concentrated over
the higher elements of the design. Housed in an older PCGS holder with
a green insert.

PCGS# 6888.

508 1800 B-14, BB-194. Rarity-2. Dotted Date. AU-55 (ICG).

Smoky-gray obverse toning is a bit lighter on the reverse, there also being
deeper olive-russet highlights in the protected areas around the eagle and
the letters in the legend UNITED STATES OF AMERICA. The im¬
pression is drawn to the viewers right somewhat, but the major devices
present as overall sharp in detail despite having seen light circulation. A
lack of outwardly distracting abrasions enhances this coin’s desirability,
although the aforementioned toning does subdue the appearance on the
obverse.

PCGS# 6889.

506 1800 B-10, BB-190. Rarity-2. Very Wide Date, Low 8. EF-40
(PCGS). Lightly and evenly toned in slate-gray shades, this coins offers
bold definition and relatively smooth surfaces in the context of the EF
grade level. An appealing circulated representative of the type, issue and
individual die marriage.

PCGS# 6888.

509 1800 B-14, BB-194. Rarity-2. Dotted Date. VF-35 (PCGS). This
is a fully original example of the popular 1800 Dotted Date variety, so-
called because several prominent die breaks (as struck) are present in the
obverse field within and around the first 0 in the date. Additional die
flaws (also as made) can be seen in the field between star 1 and the low¬
ermost haircurls at the back of Liberty’s portrait. Both sides are free of
bothersome abrasions with an even overlay of mostly lavender-gray
patina. An attractive coin that possesses above-average eye appeal even for
the VF grade level.

PCGS# 6889.

504

1800 B-10, BB-190. Rarity-2. Very Wide Date, Low 8. AU-53
(NGC). This piece is minimally toned in silver and gold iridescence,
the surfaces actually presenting as brilliant at the most direct light angles.
Whispers of original luster peer from the protected areas around the de¬
vices, particularly those near the borders (read: the obverse stars and the
letters in the reverse legend). The strike is well centered, although it is a
bit soft over several portions of Liberty’s portrait and the reverse eagle.
Wear, however, is expectably light for the assigned grade. Most of the
scattered abrasions are small in size and singularly inconspicuous, and a
disturbance at the reverse rim outside the letters TAT in STATES is the
result of as as-struck planchet flaw.

PCGS# 6887.

507 1800 B-13, BB-193. Rarity-3. AU-55 (NGC). Soft golden-gray
patina with a few faint, well-concealed speckles of russet toning scattered
about on the obverse. This coin retains much of the original satiny mint
luster, and there are no sizeable or individually mentionable abrasions
from a short stint in circulation. Generally bold in detail from a well-
centered strike, the collector that has been looking for a high-grade type
candidate from the Draped Bust, Large Eagle Dollar series could easily
end their search with this lot.

PCGS# 6887.

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Page 91

The April 2008 Chicago Rarities Sale • Session One

510 1800 B-16, BB-187. Rarity-2. EF-40 (NGC). Warmly patinatecl in
steel-gray patina, the surfaces also reveal warmer apricot undertones when
the coin dips into a light. Still boldly defined from an expertly centered
strike, there are not many distractions in light of the coin having seen 20
points of circulation. We are, however, compelled to mention a swirling
pinscratch in the upper-left obverse field between stars 6-7 and the letters
LIB in LIBERTY.

PCGS# 6887.

Popular 1800 B-19
AMERICAI Silver Dollar

Conditionally Rare AU-58 Grade from PCGS

511 1800 B-19, BB-192. Rarity-2. AMERICAI. AU-58 (PCGS).

CAC. In terms of total number of coins believed to exist, Bolender-19
is one of the more plentiful die marriages of the 1800 Dollar. This is one
of the two AMERICAI varieties, however, and examples enjoy such
strong demand among early Dollar specialists that they never remain on
the open market for long. Additionally, B-19 is a conditionally challeng¬
ing variety with most survivors concentrated at the VF grade level.

A very attractive coin from rhe standpoint of originality, both sides
exhibit mottled medium-copper toning over a base of softer, even, slate-
gray patina. The former color is more widely distributed over the obverse,
and it is actually fairly well concentrated at the borders on the reverse.
Ample definition remains from a sharp, expertly centered strike, and
there are no distracting abrasions to report. Definitely a premium-quality
AU-58, and a coin that offers stronger eye appeal than many BU early
Dollars that this cataloger has handled over the years.

PCGS Papulation (both AMF.RICAl die pairing?) only S; with a mere two finct

PCGS# 6892.

512 1801 B-3, BB-21 3. Rarity-3. AU-53 (PCGS). Smoky-gray obverse
toning with more vivid, reddish-gray patina on the reverse. Direct angles
reveal some streakiness to the toning, as well as softer apricot undertones
on the latter side of the coin. There are, however, no outwardly distract¬
ing abrasions, and there is plenty of bold-to-sharp detail remaining de¬
spite the presence of light highpoint rub. A well-struck, fully original
representative of the type, date and die marriage.

PCGS# 6893.

513 1801 B-4, BB-214- Rarity-4. AU Details—Improperly Cleaned

(NCS). Both sides are boldly defined from a well-centered strike, the de¬
vices displaying only light wear to the higher elements of the design. The
surfaces present as overall smooth to the naked eye, but we do note a glossy
texture and, after closer inspection, myriad hairlines that betray a cleaning.
Retoned in copper-gray patina that is a bit deeper on the reverse.

PCGS# 6893.

Page 92

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

514 1802 B-6, BB-241. Rarity-1. Narrow Date. AU-53 (PCGS).

Whereas the obverse is essentially brilliant, the reverse reveals a little bit
of golden-silver tinting. A few speckles of russet tinting are also scattered
about on the latter side. From a sharply executed strike comes this min¬
imally circulated, still partially lustrous example of the 1802 B-6 Dollar.
Individually mentionable abrasions are conspicuous by their absence.
PCGS# 6895.

515 1802 B-6, BB-241. Rarity-1. Narrow Date. EF-40 (PCGS). At¬
tractively original, both sides possess speckled midnight-blue and red-
dish-copper peripheral toning that enhance otherwise even, tan-gray
patination. With overall bold definition and few outwardly noticeable
abrasions, this problem-free example seems worthy of a premium bid.

PCGS# 6895.

The Dr* Hesselgesser Specimen
of the 1803 B-6 Silver Dollar

516 1803 B-6, BB-255. Rarity-2. Large 3. AU-53 (PCGS). Simply
put, this is one of the nicest examples of the 1803 Large 3 Dollar that
this cataloger has handled in recent memory. Unquestionably original,
both sides are draped in predominantly lavender-gray patina. There
are also blushes of warmer olive-blue highlights in select peripheral

_ areas, the most vivid shades being confined to an arc of color on the

"obverse from the word LIBERTY through the end of Liberty’s bust.
This piece is very well struck by the standards of the early United
States Mint, the impression nicely centered on the planchet and the
devices bold-to-sharp in detail. Light highpoint rub is certainly pres¬
ent, as befits the AU-53 grade, but the surfaces have remained largely
abrasion free despite having spent actual time in circulation.

Bolender-6 is the most plentiful die marriage of the 1803 Draped
Bust Silver Dollar. Even so, it is not really a common coin from the
standpoint of market availability, and many of the problem-free ex¬
amples in higher circulated grades have already found their way into
tightly held type sets or specialized early Dollar collections. Do not
overlook the opportunity that this lot represents.

PCGS# 6901.

From Ira dr Larry Goldbergs sale of the Dr. Robert L. Hesselgesser Collection, Sep¬
tember 2007, lot 2907.

David Hall
Founder of PCGS

nr r

i v* -y

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

View online at www. bowersandmerena. com
Questions? E-mailauction@bowersandmerena.com

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Page 93

A Restrike, Almost Certainly
During the Tenure of

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The April 2008 Chicago Rarities Sale • Session One

517 1836 Name Below Base. Judd-58 Restrike, Pollock-61. Rar¬
ity-6-. Proof-62 (NGC). Silver. Plain Edge. I)ie Alignment III.
The 1836 Gobrecht Dollar with Name Below Base is one of the
most important, yet frustrating issues in all of U.S. coinage history.
The significance of this issue stems from its status as the first Silver
Dollar type prepared for regular-issue production in the United
States Mint since President Thomas Jefferson ordered the Mint to
stop striking coins of this denomination in 1804. (Although the
Mint struck novodel 1804 Dollars in 1834-1835, those coins were
not intended for general circulation but, rather, were created specifi¬
cally for distribution as part of special presentation proof sets.) The
dies for the new Silver Dollar were engraved by Christian Gobrecht,
who “signed” his work with the inscription C. GOBRECHT F.
(fecit, or Latin for “made it”) in the field between the base of Liberty’s
rock and the date. While this practice was widely accepted among
the rnintmasters of Europe, it was seen as offensive among contem¬
porary Americans. To still criticism from his superiors, Gobrecht
was forced to first move the inscription C. GOBRECHT F. to the
base of Liberty’s rock, and then to omit it completely.

According to conventional numismatic scholarship, 18 examples
of the 1836 Name Below Base Gobrecht Dollar were struck in No¬
vember or December of that year so that Mint and other govern¬
ment officials could evaluate the new design. We believe that these
coins would have been struck in Die Alignment I (coin turn with the
eagle flying onward and upward) on planchets that conform to a
416-grain weight standard. Additionally, they should not display
any die cracks through the letters of the reverse legend or denomi¬
nation. Not a single one of those “originals” (as they would be clas¬

sified in today’s market) has ever been confirmed. Even the National
Numismatic Collection in the Smithsonian Institution (formed, in
pan, from the Mint Cabinet) does not include an Original 1836
Name Below Base Gobrecht Dollar. What happened to these 18
pieces is one of the great unsolved mystery of American numismat¬
ics.

Unlike the first coins that they struck, the dies for the 1836
Name Below Base type were carefully preserved by Mint personnel.
The dies remained within arms’ reach of the coiners until July of
1860 when Mint Director Colonel James Ross Snowden sealed
them in a vault along with dies for other important issues such as
(probably) the novodel Draped Bust Dollars of 1801-1804 and the
1851 and 1852 Seated Dollars. The dies did not remain locked away
forever, however, and they were probably retrieved from the vault
during Henry R. Linderman’s first term as mint director sometime
in 1867-1869.

The significance of the foregoing discussion about the fate of the
1836 Name Below Base Gobrecht Dollar dies is that it can help us
understand why examples of this type exist at all in today’s numis¬
matic market. As previously stated, no originals of this type have ever
been confirmed. A small number of restrikes, however, are known,
and we believe that today’s numismatists owe a debt of gratitude to
their predecessors living in the United States during the 1850s and
1860s for the existence of these important coins.

Beginning in the late 1850s, numismatics had advanced to such
a point in this country that contemporary collectors began to de-

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While we cannot confirm the weight because it has already been
certified, it is definitely struck in Die Alignment III. The reverse die
is also cracked, but only through the tops of the letters TES in the
words STATES and (barely) into the adjoining field toward the letter
O in OE This is the earliest state of the reverse die that this cataloger
has ever seen on an example of the Judd-58 Restrike Gobrecht Dol¬
lar. It is particularly important to compare the reverse die state of
this coin to that of the PCGS Proof-64 that we sold as lot 2417 in
our July 2004 sale of Jim Grays North Carolina Collection. The
Jim Gray specimen displayed both of the aforementioned cracks.

By comparing the coin in this lot with the Jim Gray specimen,
we have concluded that the present example is one of the earliest re¬
strikes produced, and it was probably prepared sometime before
Mint Director Snowden sealed the dies in a vault in July of 1860.
The exact striking period, therefore, would be 1858 to mid-1860.
The fact that the Jim Gray specimen is in Die Alignment IV and this
coin was struck in Die Alignment III is further proof that they were
prepared during two distinct press runs.

Both sides of this coin are toned, the obverse in blended blue-gray
and tan-copper shades that evenly blanket the surface. The reverse
exhibits similar colors, but they are motded in distribution and allow
some silvery near brilliance to peer through here and there around
the devices. Fully struck throughout, with no outwardly noticeable
handling marks, this piece is sure to have no difficulty finding its
way into an advanced type set or a specialized collection of Gobrecht
Dollars.

PCGS# 11217.

mand examples of rare and/or historically significant issues that were
no longer readily obtainable. One of those issues was certainly the
1836 Name Below Base Gobrecht Dollar. To meet this demand,
and also to have coins for use in trade with collectors to expand the
Mint Cabinet, Director Snowden probably ordered the production
of a limited number of restrikes sometime in 1858, 1859 and/or
early 1860 before he sealed the dies in a vault during July of the
final-listed year. This practice was almost certainly continued by his
successor Henry Linderman in the late 1860s after he retrieved the
dies. The restrikes prepared during those two periods of time are
currendy the only examples of the 1836 Name Below Base Gobrecht
Dollar known to exist.

There are several ways that we can confirm all extant examples
of Judd-58 as restrikes. The first is the orientation of the dies in either
Die Alignment III (coin turn with the eagle flying level in the field)
or Die Alignment IV (medal turn with the eagle flying level in the
field). Remember, conventional numismatic wisdom has it that the
originals, if they ever existed, would have been struck in Die Align¬
ment I. Additionally, the restrikes are struck on planchets whose
weight conforms to the post-January 18, 1837 standard of 412.5
grains. Finally, the restrikes will display varying degrees of one or
both of the following two reverse die cracks:

1. Through the top of the letters UNITED STATES O in the
legend UNITED STATES OF AMERICA.

2. Through the base of the letters OLLA in the denomination

ONE DOLLAR.

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The April 2008 Chicago Rarities Sm t • Session One

Exceptionally Well-Preserved 1836 Judd-60
Gobrecht Dollar in Die Alignment II

518 1836 Name on Base. Judd-60 (Second) Original, Pollock-65. Rarity-1. Proof-63 (NGC). Silver. Plain edge. Die Alignment II. This coin represents

a very significant level of preservation for a Die Alignment II example of the Judd-60 Gobrecht Dollar. This type constitutes the 600-piece delivery of March,
1837 that the Mint distributed into circulation through local banks in Philadelphia, Pennsylvania. All of those coins were struck with medallic alignment of
the dies, but examples are known in both Die Alignment II (medal turn, eagle flying onward and upward) and Die Alignment IV (also medal turn, but the
with eagle flying level in the field), as well as intermediate states of these two positions. Apparently, the first coins struck are in Die Alignment II. One of the
dies became loose in the press, however, and it continued to rotate until the coins that were struck came out in Die Alignment IV. The press continued to operate
while the die rotated, thus explaining the existence of the intermediate Die Alignments II-A and IV-A.

The coin that we are offering here is most significant due to the level of surface preservation that it displays. As previously stated, virtually the entire mintage of 1836-
dated Gobrecht Dollars that the Mint struck in March of 1837 were placed into circulation. Indeed, the majority of examples that this cataloger has handled over the
years are noticeably worn and grade somewhere in the Proof-40 to Proof-55 range. It is obviously important, therefore, that this piece is both free of wear and fully
Choice in quality. Such technical merits and eye appeal in an 1836 Judd-60 (First) Original struck in Die Alignment I (the December 1836 issue) are not uncommon,
being that many of those coins were retained in the Mint for distribution to VIPs and collectors. The same simply did not happen in the case of the 1836 Judd-60
(Second) Originals struck in Die Alignments II and IV. The present example, therefore, probably owes its existence in such a high grade to the elements of chance.

The obverse of this coin is adorned in vivid, mottled, copper-apricot and cobalt-blue toning, while the reverse exhibits more even apricot-silver patina that
appears to deepen in shade toward the rim. Both sides are full} struck with uniform mint brilliance. Scattered hairlines (particularly in the reverse field) define
the grade, but there are no individually mentionable contact marks.

510 1 ts44 MS-Ol (NGC ). I mm a limited original mintage of 20,000 pieces comes this conditionally scarce No Motto Seated Dollar. Both sides are essentially

brilliant, and they allow ready appreciation of bright, satin-to-semi-prooflike luster. A razor-sharp strike is also a noteworthy attribute, but we do note a
s nattering of small and moderate-size abrasions that help to define the MS-61 grade.

NGC Census: 6; 9 finer (MS-64 finest).

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The April 2008 Chicago Rarities Sale • Session One

520 1848 AU-53 (PCGS). With just 15,000 pieces produced, the 1848
Silver Dollar has long enjoyed strong demand among both specialists in
Seated Liberty coinage and more casual collectors. This is an original AU
with rich copper-gray obverse toning that deepens to reddish-russet and
midnight-blue shades at the left border. The reverse, on the other hand,
is mostly olive-gray in tone, albeit with irregular splashes of charcoal
patina in the upper-left field and at the lower-left rim. Pleasingly bold in
definition, with few outwardly noticeable abrasions for a circulated Silver
Dollar of this type.

PCGS# 6935.

Rare Proof Striking of the
1857 Seated Dollar

521 1857 Proof-64 (NGC). A rare, seldom-encountered proof from the

No Motto Seated Dollar series, the 1857 has an unknown mintage that
was presumably limited to only 100-200 pieces. The present example is
uniformly brilliant in finish with shimmering reflectivity both in the
fields and over the devices. All areas are also equally free of sizeable con¬
tact marks, and there are only a few wispy hairlines to preclude an even
higher grade. Fully struck throughout—a feature not often noted for
business strike Silver Dollars of this date—with silver-apricot tinting that
drifts toward the left borders. Definitely a find for the advanced collector
of proof Seated coinage.

NGC Census: 13; 8 finer
PCGS# 7000.

Impressive Condition Rarity
1860 Proof Seated Dollar

522 1860 Proof-66 Cameo (NGC). Federal records indicate that the

Philadelphia Mint struck 1,330 proof Seated Dollars in 1860. This is
actually the largest total in the entire proof Silver Dollar series, although
a couple of proof Trade Dollars (1879 and 1880) were actually produced
in greater numbers. There is no official documentation explaining exactly
why so many proof Silver Dollars were struck in 1860, but we suspect
that Mint employees were anticipating record sales as their efforts to mar¬
ket proof coinage to collectors (a campaign begun in 1858) started to
bear fruit. All 1,330 pieces were struck on March 8, the first 1,000 coins
intended for distribution as part of minor and silver-coin proof sets and
the remaining 330 examples earmarked for individual sale.

The best laid plans can often go awry, however, and this is what hap¬
pened to the Mint with its production of proof 1860 Seated Dollars.
Sales were very disappointing, and by year’s end only 527 examples had
actually been distributed. The remaining 803 coins (60% of the original
mintage) were destroyed.

The proof 1860 is obviously much rarer in todays market than the
mintage figure suggests. When we do have the opportunity to offer an
example, it usually grades no higher than Proof-64. It is with a particu¬
larly strong sense of pride, therefore, that we present this conditionally
rare Gem for the consideration of our bidders. Originally toned, both
sides exhibit rich antique-copper peripheral toning that frames brilliant
centefs and, in so doing, highlights strong field-to-device contrast. Vir¬
tually full in strike, with nary a distracting contact mark to report. A
thin, shallow depression on the reverse through the eagles beak appears
to be an as-made rollermark that did not strike out in the press.

Combined PCGS and NGC Population: only 5; with nine finer in Proof-67 Cameo.

PCGS# 87003.

523 1860 MS-63 (PCGS). CAC. While the 1860-0 is one of the most
plentiful No Motto Seated Dollars in todays market, the 1860-P is an
underrated rarity in all grades. This premium-quality Choice BU exhibits
razor-sharp striking detail and shimmering, softly frosted luster. Mini¬
mally patinated in pale tannish-silver tinting, a few scattered ticks and
reeding marks help to define the MS-63 grade.

PCGS# 6949.

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The April 2008 Chicago Rarities Sale * Session One

524 1862 Proof-65 (NGC). Finer than the typically encountered proof

1862 Seated Dollar, this no-questions Gem is also important due to the
rarity of this date in the finer Mint State grades. All-brilliant surfaces
shimmer beneath an overlay of light-to-moderate patina. The obverse
exhibits speckled charcoal overtones, while the reverse is more evenly
toned in dominant tan-gray shades. Fully struck throughout, with nary
a distracting hairline or contact mark to report.

PCGS# 7005.

Rarely Offered Mint State
1864 Seated Dollar

525 1864 MS-64 (PCGS). A perusal of auction catalogs will show that the

vast majority of high-grade 1864 Silver Dollars in numismatic circles are
survivors of the year’s 470-piecc proof delivery. While the business strike
issue certainly has a limited mintage of 30,700 pieces, the real reason for
its rarity in all grades is widespread exportation as part of the United
States’ foreign trade. Very few 1864 Seated Dollars were kept stateside,
and even fewer were subsequently preserved in Mint State.

This is one of the most impressive examples of the issue that has
passed across this cataloged desk in recent years. It is a fully original coin,
the obverse with a partial crescent of vivid medium-blue patina around
the periphery. The color is bordered by softer medium-apricot tinting
before yielding to virtual brilliance over much of the right-central surface
area. The latter shade evenly overlays the reverse, there being only the
smallest blush of vivid-blue tinting in select areas at the rim. Satiny in
sheen, with pinpoint striking detail to the devices, this coin represents a
fleeting bidding opportunity for the advanced collector of Seated coinage.

PCGS# 6954.

526 1866 Motto. Proof-65 (NGC). Important for first-year type purposes,

the 1866 is the premier issue in the proof Seated Dollar with Motto se¬
ries. A conditionally rare Gem, both sides of the present example are also
fully struck over even the most intricate design elements. Soft apricot-
gray patina blankets the obverse, while the reverse is lighter in appearance
with more mottled, lilac and olive-tan highlights.

NGC Census; 17; 5 finer.

PCGS# 7014.

527 1868 Proof-62 (PCGS). A blanket of lavender-gray patina overlays

the obverse, there also being richer blue-gray outlines to many of the de¬
vices on that side. The reverse, however, is much closer to brilliance with
only light olive-tan highlights in the protected areas around the devices.
There are no sizeable contact marks, only wispy hairlines and, on the
obverse, muting of the original finish that together seem to explain the
Proof-62 designation from PCGS. •

PCGS# 7016.

528 1869 MS-62 (PCGS). The only Silver Dollars struck for circulation in

1869 were 423,700 pieces delivered in the Philadelphia Mint. Most of
those coins were promptlyexported as pan of the United States’ overseas
trade, with the result that the 1869 is now a scarce-to-rare issue in all
grades. This is remarkably smooth coin for the BU grade, the obverse
actually having the “look” of a Choice Mint State rating. Both sides ex¬
hibit delicate silvery tinting and, in isolated peripheral areas, blushes of
reddish-russet iridescence. Well struck by the standards of the type, with
a pair of moderate-size reverse grazes that confirm the validity of the MS-
62 designation.

PCGS# 6962.

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The April 2008 Chicago Rarities Sale • Session One

Superb 1870 Proof Seated Dollar

Among the Finest Known

529 1870 Proof-67 ★ Cameo (NGC). Proof Seated Dollars of any date rarely come with the superior technical quality and awe-inspiring eye appeal that char¬

acterize this gorgeous Superb Gem. Beginning with the technical quality, we note bold-to-razor-sharp striking detail to all devices, most of which are
definitely in the latter category. The surfaces are exceptionally smooth and, with not even a single distracting hairline or contact mark, they are at the
threshold of numismatic perfection. Finally, both sides were produced with a cameo finish that pits satiny devices against mirror-finish fields.

Switching over to the eye appeal, there is just one thing to report: original toning. Concentric swirls of charcoal-copper, sea-green and apricot colors adorn
both sides and frame off-center swirls of brilliance. Simply breathtaking, this coin comes highly recommended for inclusion in the finest proof type set.

NGC Census: just 2 in Proof-67 Cameo, and this is the only example that also carries a ★ designation; 0 finer. There are no Proof-67 Cameos known to PCGS.

PCGS# 87018.

Lovely Gem Cameo
1872 Proof Seated Dollar

530 1872 Proof-65 Cameo (NGC). Bold-to-sharp in strike with a thick,
frosty texture, the devices are set apart from the fields in true cameo fash¬
ion. The latter areas radiate deeply mirrored reflectivity, this despite the
presence of some light-to-medium, golden-tinged iridescence on both
sides. There is nary a distracting hairline to report, however, and the sur¬
faces are of undeniable Gem quality. The 1872 is a scarcer issue than an
original mintage of950 pieces might imply, and we believe that many ex¬
amples were destroyed in the Mint after Congress abolished the standard
Silver Dollar with the Act of February 12, 1873. What’s more, the present
example is nicer than the typically encountered survivor, most of which
are all-brilliant in finish and grade no higher than Proof-64.

NGC Census: 5 ; with a further five finer as Cameo.

PCGS# 87020.

531 1878 7 Tailfeathers. Reverse of 1878. MS-66 PL (NGC). A beautiful

strike and condition rarity from the first year of the Morgan Dollar series,
this brilliant example shimmers with noticeable reflectivity in the fields.
Fully struck over the devices, both sides are also free of bothersome abrasions.

Combined PCGS and NGC Population: just 8; and none are finer with a PL finish.

PCGS# 7075.

532 1878 7 Tailfeathers. Reverse of 1879. MS-65 (PCGS). Mottled an¬
tique-copper and, to a lesser extent, cobalt-blue colors overlay a blanket of
softer pearl-gray toning on both sides of this richly patinated Gem. Sharply
stmck and fully lustrous, with a noteworthy lack of distracting abrasions.

PCGS# 7076.

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The April 2008 Chicago Rarities Sale » Session One

533 1878-CC MS-66 (NGC). More carefully preserved than the typically

encountered ‘78-CC Morgan, this Gem is free of all but a few wispy,
barely mentionable abrasions. The strike is razor sharp throughout, and
the luster is full with a vibrant, frosty texture. Essentially brilliant, this
coin is sure to please the collector of high-grade Morgans.

PCGS# 7080.

534 1879 MS-66 (PCGS). CAC. The certified population of this second-
year Morgan Dollar falls off markedly above the MS-65 level. A pre¬
mium-quality Gem, the present example is beautifully toned in
lavender-pink and cobalt-blue colors that are confined to the peripheries.
Brilliant in the centers, with a sharp strike and full mint luster through¬
out.

PCGS# 7084.

535 1879-CC VAM-1. Top 100 Variety. Capped Die. MS-61 (NGC).
This is the scarcer of the two Guide Book varieties of the semi key-date
1879-CC Morgan Dollar, although this feet was not widely appreciated
in numismatic circles before the early-to-mid 1980s. A strictly Mint State
representative, both sides possess suitable satin luster within the context
of the BU grade level. The strike is bold over virtually all elements of the
design, and none of the scattered abrasions are either sizeable or individ¬
ually distracting.

536 1879-CC VAM-3. Top 100 Variety. Capped Die. AU-58 (NGC).
This is a well-struck coin, the devices retaining overall sharp definition
despite the presence of some light rub to the central highpoints. While
the reverse is untoned, the obverse exhibits warm orange-copper patina
around much of the periphery. Much of the mint luster remains, as befits
the assigned grade, and a few abrasions are largely confined to the ob¬
verse. None of the latter features are out of context for a CC-mint Silver
Dollar that saw actual, however light circulation.

PCGS# 7088.

537 1879-CC GS A. MS-63 (NGC). One of the rarest CC-mint Morgan

Dollars to locate in a GSA holder, only 4,123 examples of the 1879-CC
were distributed during the seven separate sales conducted by this gov¬
ernment agency. In fact, only the 1889-CC, 1890-CC, 1892-CC and
1893-CC have lower GSA populations, three of which issues were actu¬
ally unique among the Carson City Mint Morgans distributed in this
manner. Otherwise silver-tinged surfaces reveal a blush of golden-apricot
color at the upper-left obverse border. Well struck with full mint frost,
there are no more than the expected number of obverse abrasions for the
assigned grade. The original box is included.

PCGS# 7086.

538 1879-CC MS-62 DMPL (PCGS). A rare finish when offered on an
example of this semi key-date Morgan Dollar, this coin exhibits uncom¬
monly deep mirrors in the fields. The devices are sharply struck, and they
are set apart from the fields with modest satin tendencies. Otherwise sil¬
ver-gray in sheen, direct angles also reveal feint apricot-gold highlights at
the denticles. One of the nicer BU Morgans of any issue that we have
seen in recent sales, this piece is housed in an older PCGS holder with a
green insert.

PCGS# 97087.

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The April 2008 Chicago Rarities Sale • Session One

539 1879-CC MS-61 PL (PCGS). Bright, semi-reflective fields backlight
frosty, sharply impressed devices. Both sides are untoned save for the
lightest tan-silver tinting in isolated areas, and the strike is pleasingly
sharp throughout. Scattered bagmarks are noted, but their number is
not excessive when one takes into account the BU grade from PCGS.

PCGS# 7087.

540 1879-CC MS-61 (PCGS). This coin has richly frosted luster and an
overall smooth reverse that would both easily support a Choice Mint
State grade. The obverse is quite baggy, however, but even so most of the
abrasions that pepper that side are small in size and singularly inconspic¬
uous. A sharp strike and pretty copper-apricot peripheral toning further
enhance the eye appeal. Really one of the nicest ‘79-CC Morgans that we
have ever handled in an MS-61 holder.

PCGS# 7086.

541 1879-CC AU-58 (NGC). Minimally worn, both sides readily reveal rub

only over the highest elements of the design in the centers. Untoned surfaces
allow ready appreciation of ample remaining luster, and thy are free of in¬
dividually mentionable abrasions despite having seen light circulation.

PCGS# 7086.

542 1879-S Reverse of 1878. Top 100 Variety. MS-65 (NGC). Bril¬
liant, frosty-white surfaces radiate swirling cartwheel luster effects when
the coin rotates under a light. Both sides are expectably smooth for the
Gem Mint State grade, and the eye appeal is correspondingly strong. A
scarce-to-rare hub variety in all grades, the 1879-S Reverse of 1878 uses
the old hub of the first 1878-Ps, the 1878-CC and the 1878-S.

NGC Census: only 17; 0 finer.

PCGS# 7094.

Gorgeous Proof 1880 Morgan Silver Dollar

543 1880 Proof-68 Cameo (NGC). At 1,355 pieces produced, the 1880 is the highest-mintage issue in the entire proof Morgan Dollar series. Before the reader

discounts the present example as “just another type coin,” we must point out that the 1880 is seldom offered as a Superb Gem. Even then, most survivors
at that level grade only Proof-67. As a Proof-68 with bold cameo contrast, therefore, this coin is a legitimate condition rarity that is the province of the most
advanced numismatic buyers.

Fully struck with a smooth, satiny sheen, the devices are set apart from deep pools of reflectivity in the fields. The latter features are equally blemish free.
Untoned, blazing-white surfaces are nothing short of beautiful, and they would serve as a centerpiece in the finest numismatic holding.

NGC Census: 13; with a lone Proof-69 Cameo finer.

PCGS# 87315.

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The April 2008 Chicago Rarities Sale • Session One

544 1880 Proof-65 (NGC). While the toning may be a bit dark for some

buyers, it is fully original to the coin. The obverse is overlaid in blended
antique-copper and apricot-copper shades, while the reverse is even
deeper in appearance with smooth charcoal-copper patination. Crisply
impressed and free of distracting hairlines, this Gem would do nicely in
a collection that highlights richly original toning.

PCGS# 7315.

545 1880 Proof-64 (PCGS). Although fully original with a smooth out¬

ward appearance, this coin is too dark to have secured a Gem grade from
PCGS. Rich copper-apricot patina blankets the obverse, while the reverse
exhibits more of a dove-gray color. There are also intermingled streaks of
deeper color on the obverse over Liberty’s portrait. Sharply struck, as one
should demand for proof production methods.

546 1880/79-CC Reverse of 1878. MS-64 PL (NGC). Thickly frosted,
sharply struck devices are set atop shimmering reflectivity in the fields.
Essentially untoned, this coin is just a few scattered abrasions away from
a frill Gem rating.

549 1880-S MS-68 DPL (NGC). While the 1880-S is one of the most
consistently attractive Morgan Dollars in today’s market, this piece still
outstrips most examples in the eye appeal category. Fully struck, richly
frosted and overall pristine, the devices appear to float atop deep pools
of reflectivity in the fields. There is no toning to report save for the light¬
est silvery tinting at the upper-right reverse rim, and the overall appear¬
ance is one of radiant mint brilliance. A beautiful, top-quality
representative of both the issue and the type.

Combined PCGS and NGC Population: only 5; 0 finer.

PCGS# 97119.

Jaw-Dropping 1880-S
Morgan Silver Dollar

547 1880-CC MS-64 DMPL (PCGS). There is an overlay of hazy-silver

tinting on both sides, but one can still appreciate mirrored reflectivity in
the fields when the coin dips into a light. The devices are satin-to-softly
frosted in texture, and they possesses uncommonly bold striking detail
for an example of this often poorly impressed issue. Housed in an older
PCGS holder with a green insert.

PCGS# 97101.

548 1880-0 MS-64 (PCGS). A bright and frosty near-Gem, both sides
are equally free of toning and individually mentionable abrasions. Gen¬
erally well struck for a product of the New Orleans Mint, although the
central obverse highpoint is a tad soft.

PCGS# 7114.

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The April 2008 Chicago Rarities Sale • Session One

550 1880-S MS-67 (PCGS). Fully struck and brightly lustrous, as befits
the issue, this coin is also praiseworthy due to a lack of grade-limiting
abrasions. The PCGS holder is also mentionable as an older variant with
a green insert.

PCGS# 7118.

551 1880-S MS-64 (PCGS). CAC. A coin for the toning enthusiast, the ob¬
verse is layered in blended lavender-pink, orange, gold, powder-blue, and
silver-apricot colors. The reverse is predominantly brilliant, although there
are halos of warm olive-orange and lilac-blue patina around the rim. Ex-
pectably sharp in strike for the issue, with fully frosted mint luster.

PCGS# 7118.

552 1881 Proof-65 (NGC). A Gem type candidate for the collector whose
interest lies in toned proof coins, this piece is veiled in warm antique-cop¬
per patina. Direct angles allow a uniformly brilliant finish to shine
through with considerable force, and one can also discern some mottled
tannish-apricot undertones with the aid of a good light source. Well
struck and smooth, there are no outwardly noticeable hairlines or other
signs of contact.

PCGS# 7316.

553 1881 MS-66 (PCGS). Exceptionally smooth, even for the premium

Gem grade, both sides are free of even a single distracting abrasion. With
full mint frost and a razor-sharp strike, this brilliant Morgan is sure to
please the quality-conscious collector. The PCGS holder is an older vari¬
ant with a green insert.

PCGS# 7124.

554 1881-CC MS-67 (NGC). Produced with great care and saved in large

numbers, the 1881-CC is an easy issue to locate with strong eye appeal
despite a limited mintage of 296,000 pieces. Few examples, however, are
as pristine as this lovely Superb Gem. There are no distracting abrasions,
and the surfaces have a smooth appearance that allows full appreciation of
swirling mint frost. Also free of toning, with a brilliant-white sheen and ex-
pectably sharp striking detail to all elements of the design. Beautiful!

PCGS# 7126.

555 1881-0 MS-64 DMPL (PCGS). An otherwise mirrored finish yields

to appreciable satin tendencies over the obverse portrait. Both sides are
essentially untoned with a sharply executed strike over all elements of
the design. Minimally abraded, and very nearly in the full Gem
category.

PCGS# 97129.

556 1881-S MS-68 ★ (NGC). Blazing surfaces are brilliant with the ex¬

ception of the lightest golden iridescence that is confined to the lower-
left obverse border. Fully struck, as befits the issue, yet exceptionally
smooth for an example of this ever-popular Silver Dollar type. Otherwise
frosty mint luster thins to noticeable semi-reflectivity in the fields, further
enhancing already exquisite eye appeal.

NGC Census: just 11; and none are finer either with or without a ★ designation.

PCGS# 7130.

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The April 2008 Chicago Rarities Sale • Session One

557 1882 Proof-65 Cameo (NGC).Thc Mint struck 1,100 proof Morgan

Dollars in 1882 and, while most of those coins have survived, many are
cleaned or otherwise impaired. Not so the present Clem. Both sides are
fully Gem in quality with no distracting hairlines or other kinds of con¬
tact marks. There is delicate golden iridescence hugging the rims, the
obverse also displaying a blush of silvery tinting over and before Liberty’s
portrait. With a full strike and good field-to-device contrast, this piece
would serve well in a high-quality type set of specimen coinage.

PCGS# 87317.

558 1882 MS-65 PL (PCGS). CAC. Bright and virtually brilliant, this
coin exhibits otherwise frosty mint luster that thins to appreciable reflec¬
tivity in the fields. Sharply struck from the dies, and expectably well pre¬
served for the Gem Mint State grade.

559 1882-CC MS-66 (PCGS). Original, mottled, orange-copper and

pinkish-gold bag toning dominates the outward appearance on the ob¬
verse. The reverse is largely brilliant, however, but there are some mottled
copper-apricot and cobalt-blue highlights at the denticles. A sharply
struck and fully lustrous Gem for the collectors of toned Morgans.

"CCS# 7134

560 1882-CC MS-64 DPL (NGC). CAC. A swath of reddish-orange
patina over the lower-right quadrant interrupts an otherwise dominant
golden-blue toning scheme on the obverse. The reverse is mosdy silver
tinged, although there is a halo of tannish-peach color at the denticles.
Housed in an older NGC holder with a thick border and large holo¬
gram.

PCGS# 97135.

561 1882-0 MS-65 PL (PCGS). Untoned, brilliant-white surfaces allow

ready appreciation of shimmering, semi-reflective fields. A sharply struck
Gem with no worrisome abrasions on either side.

PCGS Population: 31; and only one is finer with a Prooflike finish.

PCGS# 7137.

562 1883-CC MS-65 (PCGS). CAC. Fully frosted surfaces are adorned

with mottled orange-apricot and, to a lesser extent, blue-gray bag toning
on the obverse. The reverse is all but brilliant, and both sides have a nice,
sharp strike to the devices.

PCGS# 7144.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

563 1883-S MS-64 (NGC). Swirling cartwheel luster greets the viewer on

both sides, the surfaces free of both mentionable toning and individually
distracting abrasions. A comfortably graded near-Gem with a sharp strike
and good eye appeal.

PCGS# 7148.

564 1883-S MS-63 (PCGS). The first truly scarce Morgan Dollar from
the San Francisco Mint, the 1883-S represents a significant find in all
grades beginning at the Choice Mint State level. Highly lustrous with
swirling cartwheel visual effects, this lovely example is lightly toned in
mottled pinkish-silver iridescence. Scattered abrasions are commensurate
with the assigned grade, and crisp delineation between all design elements
further enhances already pleasing eye appeal.

PCGS# 7148.

565 1884 Proof-66 (NGC). Although many of the 875 proof Silver Dol¬
lars struck in 1884 have survived to the present day, most are limited in
grade by noticeable hairlines. Not so the present Gem. Both sides are
silky smooth in appearance with a nearly Superb-quality sheen. Light
golden-gray patination appears to drift toward the borders, and the cen¬
ters are essentially brilliant. A full strike from the dies rounds out this
coin’s extensive list of positive attributes.

NGC Census: 17; with a mere three finer.

PCGS# 7319.

Top-of-the-Census 1884
Morgan Dollar in MS-68

Combined Pop: Just 3/0

566 1884 MS-68 (NGC). In terms of total number of Mint State ex¬
amples known, the 1884 cannot be considered rare by any standard.
As with all issues in the Morgan Dollar series, however, there is a grade
level at which the otherwise plentiful ‘84-P develops into a major nu-
. . mismatic rarity. That grade level is MS-68. There are only three ex¬
amples certified as such at both PCGS and NGC, all of which
constitute the apex of Condition Census for the issue.

This is easily the most appealing 1884 Morgan Dollars that this
cataloger can ever remember handling. It is a smooth, virtually pris¬
tine Superb Gem that is dripping with frosty mint luster. Both sides
are essentially brilliant, and they also possess pinpoint striking detail
that allows ready appreciation of this timeless Silver Dollar design.
An extraordinary coin that would serve as a highlight in any advanced
collection.

Combined PCGS and NGC Population: only 3; 0 finer.

PCGS# 7150.

David Hall
Founder of PCGS

nr r*

I Vie -/

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

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Questions? E-mailauction@bowersandmerena.com

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Page 105

I'm Aprii 2008 Chi< \go Rarities Sali « Session One

567

1884-S MS-64 (NGC). The 1884-S has an original mintage of 3.2 million pieces—a respectable total for a Silver Dollar of this type. Unlike
most early S-mint Morgans, however, the 1884-S did not languish in federal vaults for decades on end. Rather, a sizeable percentage of the
mintage was distributed into circulation soon after striking, thus explaining the availability of worn examples in todays market. This sequence
of events also explains the extreme rarirv of the 1884-S in Mint State, rarity that has long confirmed it as a key-date Morgan Dollar.

When offered in Mint State at all, the ‘84-S is apt to be a baggy, unappealing MS-61 or MS-62. Not so the present near-Gem. Both sides
are overall smooth and free of all but a tew wisps, well-scattered abrasions. The reverse, in fact, is fully Gem in quality, and both sides are
bursting with swirling mint frost. The lightest silvery tinting is noted for accuracy’s sake, but the coin actually presents as brilliant at most
angles. With a sharp strike to all elements ot the design, this impressive piece is sure to have no difficulty finding its way into an advanced
Morgan Dollar set.

568 1884-S AU-58 (PCGS). CAC. They just dout get much better than this as far as lightly circulated ‘84-S Morgan Dollars are concerned. This coin is nearly

fully lustrous with even, original, golden-apricot iridescence to the surfaces. Sharply struck from the dies, and exceptionally smooth for a large silver coin that
saw actual, however light circulation. Worthy of a premium bid!

PCGS# 7156.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

r 569 1885-CC MS-67 (NGC). This coin is fully frosted and expectably
smooth for the Superb Gem grade. The strike is sharply executed
throughout, and a bright, brilliant sheen is also sure to be of interest to
many buyers. Easily among the nicest survivors of this popular, low-
mintage Silver Dollar issue from the Carson City Mint.

PCGS# 7160.

570 1887/6-0 MS-63 (PCGS). Faint remnants of the 6 underdigit are
only evident at the right base of the 7 in the date, and then again only
with the aid of a loupe. This coin easily qualifies as an 1887/6-0 Morgan
Dollar, nonetheless, and it is an attractive Choice example that is sure to
please. Fully frosted in finish, with essentially no toning and definitely no
abrasions that are out of context with the assigned grade.

PCGS# 7178.

571 1887-SMS-65 (PCGS). A conditionally scarce example of this lower-

mintage Morgan Dollar, this piece is attractively original in tone. Both
sides are veiled in mottled olive-copper shades that appear to drift toward
the borders. Frosty mint luster remains as vibrant as the day the coin was
struck, and there are no grade-limiting bagmarks in evidence. Housed in
an older PCGS holder with a green insert.

PCGS# 7180.

572 1888 Proof-63 (NGC). Untoned surfaces allow ready appreciation of
a uniformly brilliant finish. This coin is sharply struck throughout, and
there are also no sizeable contact marks to inhibit the eye appeal. Scat¬
tered hairlines are present, however, but not any more than one should
expect for a proof Silver Dollar at this grade level.

PCGS# 7323.

573 1888 MS-67 (NGC). This conditionally rare ‘88-P has silky-smooth

surfaces and vibrant, frosty-textured luster. Otherwise brilliant, there are
crescents of orange and pale-gold iridescence along the lower-left obverse
and upper-left reverse borders, respectively. A tiny reverse abrasion over
the eagles lower breast is noted solely for the sake of accuracy.

PCGS# 7182.

574 1888-0 VAM-4. Top 100 Variety. Hot Lips. AU-53 (PCGS). Es¬
sentially brilliant, both sides retain considerable amounts of mint luster
despite light rub and a smattering of abrasions from time spent in circu¬
lation. Suitably bold in detail, as well, with the all-important obverse
doubling readily evident without even having to use a loupe.

PCGS# 133919.

575 1888-S MS-65 (PCGS). A conditionally scarce Gem, both sides are
uncommonly smooth for a survivor of this popular low-mintage issue in
the Morgan Dollar series. Sharply struck and brilliant, with radiant mint
frost to the surfaces.

PCGS# 7186.

576 1889 MS-65 (PCGS). Richly original, both sides are layered in
blended blue-gray, antique-copper and olive-gold patination. There are
a few irregular swirls of color around the obverse portrait, and more vivid
reddish-apricot and gold highlights are intermingled around much of
the reverse periphery.

PCGS# 7188.

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Page 107

The April 2008 Chicago Rarities Sale

Session One

577 1889 MS-65 (NGC). CAC. This handsome Gem is richly and orig¬

inally toned in dominant antique-copper patina. There are also inter¬
mingled highlights of reddish-pink, olive, cobalt-blue, apricot, sea-green
and antique-gold colors with the most vivid shades confined to the ob¬
verse. Well struck and lustrous, this coin is mounted in an older NGC
holder with a thick border and large hologram.

PCGS#7188.

Near-Mint 1889-CC Morgan

578 1889-CC AU-58 (NGC). There is not much to report here other than

light highpoint rub and a smattering of abrasions that result in somewhat
of a scufly appearance to the surfaces. We stress, however, that neither of
these attributes are out of context for a Silver Dollar that saw actual, how¬
ever light circulation. Most of the abrasions are singularly inconspicuous,
and there is plenty of frosty mint luster remaining to both sides. Sharply
struck and brilliant, this key-date example is sure to have no difficulty
finding its way into a specialized Morgan Dollar set.

579 1889-CC EF-45 (PCGS). There is much to recommend this coin to
Moigan Dollar specialists who require a problem-free example of this
key-date Carson City Mint issue. Both sides are overall sharply defined
with ample remnants of original mint bloom shining from the more pro¬
tected areas of the design. An overlay of light golden iridescence is also a
pleasing attribute. While the surfaces are quite scufly, none of the abra¬
sions are singularly distracting. All-in-all, this piece is about as nice as
‘89-CC Morgans come at the EF grade level.

580 1889-CC EF-40 (NGC). Original tannish-grav patina overlays both
sides, lessening the visual impact of scattered, mostly small-size abrasions.
With plenty of bold-to-sharp definition remaining despite overall light
wear, this coin is a pleasing circulated survivor of the important 1889-CC
Morgan Dollar.

PCGS# 7190.

581 1890-S MS-65 PL (NGC). Shimmering fields support smartly im¬

pressed devices on both sides of this brilliant-white Gem. There are also
no mentionable abrasions, and the surfaces are expectably smooth for
the assigned numeric grade.

NGC Census: only 9; with a single coin finer in MS^6 PL

582 1891 Proof-65 (NGC). Although not designated as such on the NGC

insert, the finish that this coin possesses is approaching Cameo status. In¬
deed, the devices are somewhat satiny in texture while the fields are un¬
deniably mirrored in finish. All areas are veiled in soft, light, golden-tan
tinting through which one can readily appreciate a smooth. Gem-quality
sheen. A bit of softness to the highpoint definition is a curious attribute
that affects the majority of proof 1891 Morgan Dollars.

583 1891-CC MS-65 DMPL (ANACS). Rich, mottled, reddish-russet

peripheral patina interrupts an otherwise untoned sheen. The devices are
sharply struck and, with a softly frosted texture, they contrast nicely with
more reflective-finish fields. Although a few abrasions are scattered about,
none are really worthy of individual attention.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

584 1891-CC MS-65 (PCGS). The present sale notwithstanding, the
1891-CC can be a challenging Morgan Dollar to locate in Gem Mint
State. The coin in this lot is fully frosted with a snappy, brilliant-white
sheen. There are no mentionable abrasions, as befits the assigned grade.

PCGS# 7206.

585 1891-CC MS-65 (PCGS). Smooth and frosty, the surfaces are free of

both distracting abrasions and even the lightest toning. Sharply impressed
from the dies, and perhaps an MS-66 were the surfaces even more vibrant
than they are already.

PCGS# 7206.

586 1891-CC MS-64 DMPL (PCGS). This is about as nice as they come
for Deep Mirror Prooflike ‘91-CC Morgans. Minimally abraded and
nearly in the Gem category, both sides have a deeply mirrored finish that
is largely confined to the fields. The devices, on the other hand, are more
satiny in sheen and, while they are bit softly impressed over the central
highpoints, they are pleasingly sharp elsewhere. An untoned reverse con¬
trasts nicely with light, even, iridescent-gold toning on the obverse.

PCGS Population: 46; and only one is finer in MS-65 DMPL.

PCGS# 97207.

587 1891-0 MS-65 (PCGS). Unlike the vast majority of Mint State 1891-
O Morgan Dollars known, this coin is a relatively bold-looking Gem with
above-average striking detail. The surfaces are also noteworthy due to an
overlay of rich, multicolored toning that includes salmon-pink, orange-
red, cobalt-blue, antique-gold, antique-copper and lavender-gray shades.
The colors are a bit more evenly blended on the reverse, but both sides are
equally lustrous with no outwardly distracting abrasions to report.

PCGS# 7208.

588 1891-S MS-66 (PCGS). Exceptionally well preserved for an example

of this S-mint Silver Dollar issue, both sides retain full, vibrant mint frost
over crisply delineated features. The surfaces are silky smooth in sheen
with nary a distracting abrasion to report. Lightly toned in iridescent
pinkish-silver shades, this coin comes highly recommended for inclusion
in a high-grade Morgan Dollar set.

PCGS Population: 48; 7 finer.

PCGS# 7210.

589 1892-CC MS-64 (PCGS). Richly frosted and brilliant, there is much
to recommend this coin to the collector of high-quality Morgans. An
otherwise sharp strike wanes only minimally over the central obverse
highpoint.

PCGS# 7214.

590 1892-CC MS-64 (PCGS). Bright, frosty-white surfaces are free of all
but wispy, small-size abrasions that are largely confined to the obverse. A
sharply struck near-Gem with pleasing eye appeal.

591 1892-S AU-58 (NGC). This minimally circulated example retains

nearly full mint frost to both sides. Sharp definition to the devices is also
a noteworthy attribute, and it helps to offset a smattering of light-to-
moderate abrasions that were mostly acquired in circulation. A bit of
light pinkish-gray iridescence is largely confined to the left-obverse pe¬
riphery.

PCGS# 7218.

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Page 109

592

593

The April 2008 Chicago Rarit

1893-CC MS-61 (NGC). An impressive representative of the issue,
this coin possesses sharp striking detail that even extends to the central
obverse highpoint and the eagle’s breast feathers. Satin-to-softly frosted
luster is sufficiently vibrant in the context of the BU grade, and a group
of small-to-moderate abrasions over and before Liberty’s cheek are also
commensurate with the MS-61 designation. Brilliant.

PCGS# 7222.

1893-S EF-45 (NGC). There is a base of even dove-gray patina on
both sides, over which rich, mottled steel-gray highlights have gathered
on the reverse. The wear is expectably light for the assigned grade, and
the overall detail remains pleasingly sharp in all areas save perhaps for
the highest elements in the centers. While there really are few abrasions
for a Morgan Dollar that saw 15 points of circulation, we do feel com¬
pelled to mention a moderate obverse graze at the front of Liberty's cheek.
Problem free for the assigned grade, nonetheless, this is a pleasingly orig¬
inal representative of the ever-popular 1893-S.

PCGS# 7226.

es Sali • Session One

595 1893-S VF-35 (PCGS). Otherwise dove-gray surfaces display a cres¬

cent of medium-copper patina around the obverse periphery. There is
still plenty of bold striking detail to appreciate despite overall light-to-
moderate wear, and both sides are remarkably smooth despite having
seen considerable circulation. All-in-all, this is a very nice. Choice VF
representative of the rarest business strike issue in the Morgan Dollar se-

PCGS# 7226.

596 1893-S VF-20 (PCGS). Warm dove-gray patina blankets both sides,

the reverse periphery revealing slightly deeper copper-tan highlights.
Moderate wear is evenly distributed throughout, and there are no sig¬
nificant abrasions for a Silver Dollar that saw this considerable circula¬
tion.

PCGS# 7226.

594 1893-S EF-40 (PCGS). Essentially untoned, both sides allow ready
appreciation of ample remaining luster. The original mint finish is most
readily evident in the protected areas around the peripheries and in the
recessed areas of the devices, as one should expea for a Silver Dollar that
s-..v 20 points of circulation. Wear is overall light to moderate, and it is
evenly distributed. Scattered abrasions are commensurate with the as¬
signed grade but, even so, we feel compelled to mention a small obverse
graze behind Liberty’s chin. Lhe rarest business strike in the Morgan Dol¬
lar series, the 1893-S enjoys extremely strong demand at all levels of
preservation.

PCGS# 7226.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Low-Mintage 1894 Morgan Dollar

A Superb Example of the Year’s Proof Issue

597 1894 Proof-68 Cameo (NGC). An exceptional alternative to a hard-to-find Mint State 1894 Morgan Dollar, this handsome proof is sure to elicit strong

bids when it crosses the auction block. Both sides of this piece are uncommonly pristine and comfortably graded at the Superb Gem level, which means that
the coin is also an exemplary representative of the years proof delivery. Rich antique-copper toning is largely confined to the periphery (especially on the
obverse), where it blends with cobalt-blue rim highlights. While the central obverse is free of all but the lightest silvery tinting, the center on the reverse does
reveal splashes of more vivid tan-apricot iridescence. Sharply impressed from the dies, as befits the issue, and possessed of appreciable field-to-device contrast
that even further enhances the eye appeal.

NGC Census: only 6; with a mere two finer in Proof-69 Cameo.

PCGS# 87329.

Another High-Grade
1894-P Morgan Dollar

598 1894 Proof-67 Cameo (NGC). A Cameo finish is most readily evi¬
dent on the reverse, where richly frosted devices contrast markedly with
deep pools of reflectivity in the fields. As befits the CAMEO designation
on the NGC insert, however, one can also appreciate field-to-device con¬
trast on the obverse of this lovely specimen. Untoned with a bright, sil¬
ver-white sheen, there are also no grade-limiting hairlines or contact
marks to inhibit the eye appeal. Sharply struck.

The 1894 is one of the most desirable proofs in the entire Morgan
Dollar series of 1878-1921. It is not appreciably rarer than most other
proofs of this type, but examples enjoy heightened demand in the numis¬
matic market because of the low-mintage and conditionally challenging
nature of the business strike 1894.

NGC Census: 28; 8 finer with a Cameo finish.

PCGS# 87329.

599 1894 MS-61 (NGC). Otherwise essentially brilliant, this BU example
reveals a crescent of pale-tan tinting along the lower-right reverse border.
The luster is full with a frosty texture, and the reverse is definitely smooth
enough to support a higher Mint State grade. While the obverse is a bit
scufiy, the only significant detraction to the eye appeal on that side of the
coin is some mottled haziness that is not readily evident at all angles.
The 1894 is important as the lowest-mintage, business strike Morgan
Dollar from the Philadelphia Mint.

PCGS# 7228.

600 1894 AU-58 (NGC). This nearly Uncirculated Morgan is an impor¬
tant survivor from an original mintage of just 110,000 business strikes.
Sharply defined and still predominantly lustrous, both sides display only
the lightest friction in the fields and over the highest elements of the de¬
sign. Not overly abraded in the context of the assigned grade, with sur¬
faces that are brilliant save perhaps for a bit of delicate golden tinting.

PCGS# 7228.

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Page 111

Thh April 2008 Chicago Rarities Sai i * Session One

601 1894-S MS-65 (PCGS). CAC. Despite its status as the most readily obtainable Morgan Dollar produced from 1893 through 1895, the 1894-S is still a con¬

ditionally challenging issue that represents an important find in Gem Mint State. This is a lovely example with brilliant, frosty-white surfaces and crisp striking
detail to the devices. The surfaces are uncommonly smooth even for the assigned grade, and the PCGS holder is perhaps significant as an older variant with a
green insert.

PCGS# 7232.

602 1895 Proof-66 Cameo (NGC). 1 he proof-only status of the 1895 Morgan Dollar has long been established as fact in the numismatic
market. Even so, scholars, collectors and dealers have never been able to discover what happened to the 12,000 business strike Silver Dollars
that were supposedly struck in the Philadelphia Mint that year. Two theories enjoy the widest circulation, however, and the first states that
the 12,000-coin figure actually represents a final delivery of 1894-dated examples that occurred after the end of the previous fiscal year. The
second, less plausible theory has it that 12,000 1895-dated business strikes were produced but all were later melted in the Mint.

Regardless of which, if either of these two theories is more likely to be true, there can be no doubt that the premium Gem in this lot ranks
as one of the finest proof 1895 Morgan Dollars known. It is a brilliant specimen with no mentionable toning. Also absent are grade-limiting
contact marks, which means that there is nothing to compete with a bold cameo finish for the eye’s attention. Sharply struck, attractive and
destined for inclusion in an advanced collection.

PCGS# 87330.

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Bowers and Mf.rf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

Key-Date 1895 Morgan Dollar

i 603 1895 Proof-64 Cameo (PCGS). The 1895 is the sole proof-only issue in the Morgan Dollar series of 1878-1921, a classification that we support despite

the fact that most numismatic references provide a mintage figure of 12,000 business strikes alongside the 880 proofs reported for this P-mint delivery. No
genuine business strike 1895 Morgan Dollar has ever been positively confirmed, however, and we can dismiss the supposed “mintage figure” as either an
adjustment in the Mint’s ledger or a final delivery of 1894-P Silver Dollars that occurred after the total for that issue had already been reported to higher
authorities. There is also the possibility, of course, that the Philadelphia Mint did strike 12,000 business strike Morgan Dollars bearing the 1895 date, but
that every single one of those coins were later melted on government authority.

While we may never know the true story behind the 1895 Morgan Dollar, the issue’s status as a proof-only date has long been recognized in numismatic
circles. As such, survivors of this 880-piece proof delivery enjoy extremely strong demand among collectors assembling date and mint sets of the Morgan
Dollar series. This issue is a must-have for the completion of such a collection, a fact that is not relevant to any of the other proof issues of this type.

A lovely near-Gem, both sides possess satiny devices and mirror-finish fields that contrast in true Cameo fashion. There is an overlay of delicate golden
iridescence to the surfaces, although it does yield to an appearance of virtual brilliance at the most direct light angles. Sharply struck throughout, with none
but a few trivial hairlines that are generally inconspicuous to the naked eye.

PCGS# 87330.

More-Affordable Proof 1895 Silver Dollar

604 1895 Proof EF Details—Damaged (NCS). This issue’s status as a proof-only Morgan Dollar explains the strong price that even an impaired example such
as this will command when it appears at auction. The presence of overall light wear and a few significant problems, however, confirm this piece as a more af¬
fordable alternative to even a problem-free Proof-40. Plenty of bold definition does remain to the major devices, and there are only a few contact marks that
we would classify as moderate in size. We do, however, note a glossy, heavily hairlined texture that points to a polishing, and there also appears to be some problems
associated with the rim. Untoned with the exception of hazy, chalky overtones in the protected areas around the peripheral devices.

This lot includes ANACS Certificate of Authenticity # E-4105-T dated May 5, 1982 that carries a grade of Circulated Proof—Polished.

PCGS# 7330.

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Page 113

The April 2008 Chicago Rarities Sai i * Session One

605 1895-0 AU-58 (PCGS). A lovely near-Mint representative of this

conditionally challenging issue, both sides are free of all but the lightest
highpoint rub. The strike is impressively sharp by the standards of the is¬
suing Mint, and the number of wispy abrasions is remarkably small in
light of the fact that this coin saw actual commercial use. An overlay of
light dove-gray patina rounds out this coins extensive list of positive at¬
tributes.

PCGS# 7236.

One of the Finest
Proof 1896

Morgan Dollars Known

607 1896 Proof-68 ★ Ultra Cameo (NGC). One look at this coin

and the reader is sure to agree with us that the 1896 is one of the most
consistently attractive issues in the entire proof Morgan Dollar series.
The workmanship that went into striking this coin is truly deserving
of our praise. The minters produced a fully struck proof with thickly
frosted devices and shimmering, deeply reflective fields. Taking over
after the coin left the Mint, several generations of collectors handled
the coin with such care that it now ranks as one of the most pristine
survivors of the issue. Essentially untoned, with nary a distracting
blemish to report.

PCGS# 97331.

Lovely and Rare Gem
1895-S Morgan Dollar

606 1895-S MS-65 (PCGS). The 1895-S is the most readily obtainable
1895-dated Morgan Dollar in Mint State. It easily beats out the non¬
existent 1895-P for this honor, and also surpasses the conditionally
challenging 1895-0. We must not forget, however, that the 1895-S
was produced to the extent of just 400,000 coins, and that it is a gen¬
uinely rare coin in its own right when viewed in the wider context of
the Morgan series.

Hardly ever offered this nice, the present example is a no-questions
Gem with bright, brilliant-white surfaces and billowy mint frost.
Modest semi-prooflike tendencies are discernible in the fields at the
most direct light angles, and scattered striations (as struck) also con
firm that the dies were polished not too much before this piece was
struck. Sharply impressed and minimally abraded, this coin would
fit equally well into a high-grade type or date set.

Page 114

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Another Superb
1896 Proof Silver Dollar

608 1896 Proof-67 Cameo (NGC). Essentially untoned surfaces allow full
appreciation of bold field-to-device contrast. This piece has been experdy
preserved, as one should expect given the assigned numeric grade, and
there are none but a couple of extremely trivial hairlines in evidence. A
razor-sharp strike rounds out an impressive list of positive attributes for
this lovely Superb Gem.

NGC Census: 18; 6 finer (Proof-69 finest with a Cameo finish).

PCGS# 87331.

Radiant Proof

1896 Morgan Dollar with
Ultra Cameo Surfaces

609 1896 Proof-66 Ultra Cameo (NGC). Satiny in finish with pinpoint
striking detail, the devices appear to float atop illimitable depth of re¬
flectivity in the fields. This is an essentially brilliant coin, but certain an¬
gles do reveal the lightest suggestion of golden iridescence. The strike is
full throughout, and a tiny obverse nick below Liberty’s eye is all that
seems to prevent this coin from grading even higher.

A popular issue for specimen type purposes, the 1896 is one of the
most consistendy well produced and attractive issues in the proof Morgan
Dollar series of 1878-1921. Even so, however, examples that have enough
contrast to secure a Deep or Ultra Cameo designation from PCGS and
NGC are not encountered with any degree of regularity in today’s mar¬
ket.

PCGS# 97331.

610 1896-0 MS-63 (PCGS). CAC. A PQ MS-63, this conditionally rare
‘96-0 is fully frosted with a billowy mint finish to both sides. There is
none but the lightest tannish-silver tinting to report, and it provides a
pleasingly original “look” to the surfaces. Scattered abrasions are minimal
in the context of the assigned grade, and a soft strike over the central
highpoints is anything but uncommon for an O-mint Morgan Dollar
struck during the early-to-mid 1890s.

PCGS# 7242.

611 1896-0 MS-63 (PCGS). The frequency and price at which low-grade

1896-0 Morgan Dollars trade might lead some collectors to surmise
that this is a plentiful issue. It most certainly is not, and even problem-
free AUs are relatively scarce from a market availability standpoint. In
Mint State, the ‘96-0 is an undeniable condition rarity that it also a key
issue in the Morgan Dollar series. A very nice MS-63, this piece has the
eye appeal of an even higher grade. Both sides possess pleasing mint luster
and a strike that, while not 100% full over the central obverse highpoint,
is sharp elsewhere and well above average by the standards of the issue.
Brilliant throughout, with a minimal number of wispy abrasions in the
context of the assigned grade.

PCGS# 7242.

Ex: Larry Shapiro.

612 1896-0 MS-62 (NGC). Softly frosted luster is more vibrant than nor¬

mally seen for an ‘96-0 Dollar, and it is enhanced by warm golden-cop¬
per rim highlights that are bolder on the obverse. An expectably soft
strike in the centers and wispy, small-size abrasions almost certainly ex¬
plain the BU grade from NGC. Conditionally scarce, nonetheless, and
worthy of inclusion in an advanced Morgan Dollar set.

PCGS# 7242.

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Page 115

The Aprii 2008 Chicago Rarities Sali • Session One

613 1896-S MS-63 (PCGS). Lustrous, frosty-white surfaces exhibit an oth¬

erwise sharp strike that wanes just a bit over the central highpoints. Scat¬
tered obverse abrasions define the grade, while the reverse is typically
smoother for a Silver Dollar of this type. A brilliant, Choice Mint State
example of a conditionally challenging S-mint issue.

PCGS# 7244.

Superb 1897 Proof Morgan

614 1897 Proof-67 (NGC). Unlike many proof 1897 Morgan Dollars that

we have handled, this piece displays an all-brilliant finish on the obverse
and only the slightest hint of cameo-like contrast on the reverse. Also
unlike the typical proof 1897 Morgan Dollar, this coin is extremely
smooth with a noteworthy lack of distracting hairlines. There is a bit of
light, silver-gold haziness on the reverse over and around the eagle, but
the balance of the surfaces are essentially untoned. Fully struck, condi¬
tionally rare and highly desirable for top-grade proof type purposes.

615 1897-0 MS-63 (ICG). Satiny surfaces are essentially brilliant, al

though indirect light angles reveal a faint golden-gray cast to both sides.
I lie strike is impressively sharp by the standards of this challenging O-
mint issue, and there are actually no areas of bothersome lack of detail
to report. Abrasions are also minimal, although a few wispy bagmarks are
present and they help to define the grade in connection with slight mut¬
ing to the luster. The 1897-0 has a generous mintage of 4 million pieces,
but relatively few examples were saved and it is now widely regarded as
one of the key issues to completion of a Mint State Morgan Dollar set.

616 1897-S MS-66 PL (NGC). Bright and virtually untoned, this piece I

does reveal the lightest silvery tinting in the obverse and reverse fields at I
a few isolated angles. A folly prooflike finish is readily appreciable, I
nonetheless, and it forms a pleasing backdrop to smartly impressed de¬
vices. Every bit the Gem, this is coin is definitely “easy on the eyes.”

NGC Census: 19: with a mere wo finer in MS^7 Prooflike.

PCGS# 7251.

617 1898-S MS-66 (NGC). Fully struck and bright, this frosty-white Gem

is a lovely example of both the issue and the type. The surfaces are un¬
commonly smooth for a ‘98-S Dollar, and the validity of the MS-66
grade is assured in our minds.

618 1899 MS-66 DMPL (PCGS). Light golden iridescence blankets both

sides and appears to deepen in shade toward the borders. Satiny in sheen
with a full strike, the devices are set apart from shimmering reflectivity in the
fields. A low-mintage issue with just 330,000 business strikes produced, the
1899 is an important strike and condition rarity in the finer DMPL grades.

PCGS Population: only 16; and none are finer with this highly desirable finish.

PCGS# 97259.

619 1900-O/CC VAM-8 A. Top 100 Variety. MS-65 (PCGS). One of the
most pleasing examples of this popular overmintmark that we have handled
in recent memory, the obverse exhibits a brilliant center within halos of orange,
pink and blue-gray peripheral toning. The reverse is more extensively toned
in dominant tan-gray shades that, at direct angles, do reveal more mottled
russet undertones. Undeniably original, and solidly graded as a Gem, this coin
would make a lovely addition to a high-grade set of toned Morgans.

PCGS# 7268.

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The April 2008 Chicago Rarities Sale • Session One

Key-Date 1901 Morgan Dollar Condition Rarity

620 1901 MS-64 (PCGS). It might surprise some collectors to read that a Philadelphia Mint Silver Dollar with a respectable mintage of 6.9 million pieces

could rank as a leading condition rarity in its series. Yet this is every bit the truth with regard to the 1901 Morgan Dollar. It is the rarest P-mint issue of the
type in Mint State, easily surpassing even the lower-mintage 1893 and 1894 for this honor. Additionally, the 1901 is one of the leading condition rarity
among Morgan Dollars from all issuing mints, and it is one of the most significant hurdles to overcome in the completion of a high-grade set of this ever-
popular Silver Dollar type.

Unlike the typically encountered Choice AU survivor, the coin that we are offering here is solidly in the Mint State category with full mint bloom and
not even the lightest suggestion of wear, The luster type is that which is usually seen on high-grade ‘01-P Dollars, and it is softly frosted and not especially
vibrant. This feature hardly matters, however, when we consider that a sharp strike and overall smooth surfaces are more than sufficient to guarantee a
strong eye appeal rating. Lightly toned in silvery iridescence, and sure to elicit strong bids from today’s leading Morgan Dollar buyers.

PCGS Population: only 20: and just three are finer in MS-65.

PCGS# 7272.

621 An Original BU Roll of 1903-0 Morgan Dollars. The coins are
housed in a plastic tube, and all appear to be brilliant. A sticker on the
outside of the tube carries the date December 28, 1962, which we take
to mean that either the consignor or a previous owner acquired this im¬
portant roll on that date as part of the Treasury Department releases of
the early 1960s. Prior to that time, the 1903-0 Morgan Dollar was all
but unknown in numismatic circles in any grade, and the issue remains
popular today for that reason. (Total: 20 coins)

622 1903-S MS-65 (PCGS). The elusiveness of this issue has long been rec¬

ognized in numismatic circles. Although the 1903-S has a relatively lim¬
ited mintage of 1.2 million pieces, the wholesale destruction of
undistributed examples in the Mint seems to better explain why even
circulated survivors are elusive in todays market. As a solidly graded
Gem, the present example would serve as a highlight in any advanced
Morgan Dollar set. Both sides possess full satin-to-softly frosted luster, the
surfaces revealing swirling cartwheel visual effects as the coin rotates
under a light. Virtually brilliant, with a sharp strike and smooth-looking
features that are sure to please even the most discerning collector.

PCGS# 7288.

623 1904-S MS-65 (PCGS). This key-date Morgan Dollar is fully Gem in

quality with a smooth “look” to virtually all areas. The luster is full with
a decidedly frosty texture that shines powerfully through an even overlay
of original apricot-gray toning. The patina is moderately deep, but it
does include some iridescent qualities that aid in appreciation of the lus¬
ter. Sharply struck, as typically seen for the issue, and destined for inclu¬
sion in an advanced Morgan Dollar set.

PCGS# 7294.

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Page 117

The April 2008 Chicago Rarities Sale • Session One

624 1904-S MS-63 (PCGS). Both sides are overlaid in iight-to-medium, golden-silver patina that yields to a crescent of deeper olive-blue color along the lower

obverse border. There are also mottled iridescent-apricot highlights here and there at the rims that further enhance the eye appeal. While the strike could be
sharper over the central obverse highpoint, there are not many abrasions in evidence beyond a few wispy slidemarks on Libertys cheek.

Ex: California.

625 1921 Morgan. Chapman. Proof-65 (NGC). Ihe question of proof Morgan Dollars being struck in the Philadelphia Mint in 1921 is a

difficult one to answer in a clear and concise manner. Suffice it to say that two different types of “proofs" are known to exist, and neither
constitutes a regular Mint issue. Before delving into a more detailed discussion of the more important Chapman pieces, we must remove the
Zerbe examples from the category of true" proofs. The latter coins are more accurately described as prooflike presentation pieces that were
struck from partially polished, hairlined dies. Since virtually all numismatic scholars accept this situation regarding the Zerbe “proofs” as fact,
the only “true” proof 1921 Morgan Dollars are the Chapman pieces.

1 his type takes its name from coin dealer Henry Chapman, who went to the Mint in 1921 and convinced someone on the inside to strike
a ! .nited number of mirror-finish proofs. While we do not know for sure, it is likely that Chief Engraver George T. Morgan had a hand in
these coins’ production. Also unknown is how many coins were struck, although Q. David Bowers (1993) offers an estimated mintage of
just 15 pieces. Given the number of coins that are listed on the PCGS and NGC" population reports (some of which, admittedly, are actually
resubmissions), Bowers' estimate does not appear to holds up quite well under scrutiny. Instead, we offer a mintage figure in the range of
25-35 pieces.

Having handled several Zerbe proofs in recent years, this cataloger can unequivocally state that the present example is a Chapman spec¬
imen. It is uniformly mirrored both in the fields and over the devices, the surfaces free of a plethora of distracting die polish lines. Both sides
also possess pinpoint striking detail to all devices. Overall smooth, and decidedly in the Gem category, an overlay light, silver-copper
iridescence is another pleasing attribute.

PCGS# 7342.

Exceedingly Rare Mirror-Finish
1921 Proof Morgan Dollar

A “True” Proof of the So-Called Chapman Typ<

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

626 1921 Peace. High Relief. MS-66 (NGC). Popular as an essentially
one-year type, this High Relief Peace Dollar is far more carefully pre¬
served than the typically offered example that grades no higher than MS-
64. Both sides possess full, softly frosted luster beneath an overlay of
mosdy pinkish-silver patina. There are also richer highlights of olive-cop¬
per toning that are largely confined to the peripheries. While the strike
is not 100% full in the centers, it is better than average with emerging
detail to the haircurls over Liberty’s ear and the feathers at the junction
of the eagle’s wing and leg. Distracting abrasions are not seen, and the eye
appeal is sure to please the collector that values as much as high technical
quality.

PCGS# 7356.

627 1921 Peace. High Relief. VAM-3. Top 50 Variety. Ray Through
L. MS-66 (NGC). A relative newcomer to the list of known Peace Dol¬
lar varieties, the 1921 VAM-3 is apparently very rare at all levels of preser¬
vation. As of this writing, NGC has certified just 26 examples in all
grades. The lowest-graded coin on the Census is a Good, while the single
highest-graded example is this lovely MS-66 that we are offering here.
Fully lustrous with soft mint frost to both sides, this coin is a real delight
to behold. The surfaces sparkle with radiant brilliance and, in addition
to toning, they are also free of grade-limiting abrasions. In fact, softness
of strike in the centers is the only mentionable “distraction” and, since
most 1921 Peace Dollars display this feature, the eye appeal of this coin
still ranks among the strongest available for the issue. Definitely an im¬
portant buying opportunity for the Peace Dollar variety specialist.

NGC Census: only 1; 0 finer.

628 1921 Peace. High Relief. MS-64 (PCGS). Golden-toned surfaces
are fully frosted with a few wispy, grade-defining abrasions in the obverse
field. The strike in the centers is a bit better than that which is typically
seen on 1921 Peace Dollars.

PCGS# 7356.

629 1922-S MS-65 (PCGS). An exceptionally sharp strike that includes
bold definition in the centers is what sets this important condition rarity
apart from the typical ‘22-S Peace Dollar. Full mint luster and an overall
lack of distracting abrasions are also praiseworthy attributes. There are a
few blushes of golden iridescence scattered about on the reverse, and a
couple of tiny toning spots are present on Liberty’s cheek.

PCGS# 7359.

630 1923-S MS-65 (PCGS). A significant condition rarity from the Peace
Dollar series, this ‘23-S is both better struck and more carefully preserved
than the typically encountered Mint State survivor. The overall impres¬
sion is quite sharp, and there is plenty of emerging definition over the
central highpoints. Both sides are originally toned in mottled pinkish-sil¬
ver tinting that is most dramatic through the center of the obverse. Frosty
and smooth, and eagerly awaiting inclusion in an advanced collection of
this popular 20th century Silver Dollar type.

PCGS# 7362.

631 1923-S MS-65 (PCGS). Much nicer than the typically encountered

‘23-S Peace Dollar, this otherwise silver-toned example is adorned in
rich, mottled, reddish-russet and cobalt-blue peripheral highlights. The
overtones are most prevalent along the left-obverse rim, but all areas are
equally lustrous with a softly frosted texture to the mint finish. A com¬
bination of above-average striking detail and uncommonly smooth sur¬
faces easily upholds the MS-65 grade.

PCGS# 7362.

632 1924-S MS-65 (NGC). A key-date Peace Dollar in all grades, this lot

offers a particularly important Gem. The striking detail is uncommonly
sharp, and even the central highpoints are free of bothersome lack of de¬
tail. The obverse is a bit hazy due to a finely granular texture that is as
struck, but the reverse is brighter, and both sides are possessed of equally
vibrant luster. There are no sizeable or individually mentionable abra¬
sions, as one should expect for the assigned grade.

PCGS# 7364.

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The April 2008 Chicago Rarities Sai i • Session One

633 1925-S MS-64 (PCGS). One of the more conditionally challenging

Peace Dollars, this ‘25-S is a solid near-Gem with full mint bloom and
a relatively sharp strike. Speckled haziness is present on both sides, and
it appears to be in the planchet as seen fairly regularly on examples of this
popular 20th century Silver Dollar type.

Trade Dollars

634 1928 MS-65 (ANACS). Mottled copper-russet patina hugs the rims

on both sides of this otherwise brilliant example. The luster is both full
and vibrant, and there are no distracting abrasions to report. With just
360,649 pieces produced, the 1928 boasts the lowest mintage in the en¬
tire business strike Peace Dollar series of 1921-1935.

PCGS# 7373.

636 1874 Proof-64 ★ Cameo (NGC). CAC. This is one of the most
beautiful proofTrade Dollars of any issue that this cataloger has handled
in recent sales. Both sides are originally toned, the dominant apricot-
silver shades light enough to allow full appreciation of bold field-to-device
contrast. There are also more vivid reddish-orange and cobalt-blue high¬
lights over and near the rims that nicely frame both sides, accentuating
a razor-sharp strike to the devices. With no outwardly distracting hair¬
lines, this coin has the eye appeal, if not the technical quality of a full
Gem rating. A grossly underrated issue, the 1874 is much more elusive
in today’s market than the proof-only Trade Dollars struck from 1878
through 1883.

PCGS# 87054.

637 1874 MS-63 (PCGS). A scarcer Trade Dollar, the ‘74-P has a limited

mintage of just 987,100 business strikes. This is actually the first Mint
State example that this cataloger can remember handling in quite some
time, and it is fully Choice with no individually distracting abrasions.
Many areas on both sides are actually quite smooth, and vibrant semi¬
prooflike luster further enhances the eye appeal. Lighdy toned in pink¬
ish-gold iridescence with an otherwise sharp strike that wanes appreciably
only along the upper-obverse border.

PCGS# 7034.

638 1874-CC MS-62 (NGC). Fairly tvpical for a Mint State 1874-CC

Trade Dollar, this coin is confined to the BU level due to a smattering of
mostly small-size abrasions. The luster is full and quite vibrant, however,
and a sharply executed strike further enhances the eye appeal. A brilliant-
white and conditionally scarce example of an issue that, when offered in
todays market, is apt to display at least some degree or wear.

PCGS# 7035.

635 1934-S MS-65 (PCGS). Although it is not the rarest Peace Dollar in

Gem BU, the 1934-S has the lowest overall population of Mint State
coins of any issue in this series. Gems, of course, are still conditionally rare
when viewed in the wider context of the numismatic market, and they
are in especially short supply when we consider the number of collectors
that are assembling high-grade Peace Dollar sets. Housed in an older
PCGS holder with a light-green insert, this originally toned example is
overlaid in deep, speckled, lavender-russet patina. Boldly struck and lus¬
trous, with no distracting abrasions to report.

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The April 2008 Chicago Rarities Sale • Session One

639 1875-S Type I/II. MS-65 (ANACS). More than adequate for Gem
type purposes, this coin offers attractively original toning in addition to
solid technical merits. Rich copper-apricot patina is largely confined to
the peripheries, form where it frames virtually brilliant centers. Frosty
luster is full and vibrant throughout, and the devices are possessed of im¬
pressively sharp striking detail. While there are no distracting abrasions
to report, we do feel compelled to mention a well-concealed planchet
streak (as struck) on the reverse above the eagle’s right (facing) wing.

PCGS# 7039.

640 1876 Type I/L MS-64 (NGC). In terms of total number of coins
known, the 1876 is the most readily obtainable P-mint Trade Dollar in
Mint State. It is still among the scarcer issues of its type, however, and a
mintage of455,000 pieces virtually guaranteed that the 1876 would be
more challenging to collect than such other deliveries as the 1875-S,
1876-S, 1877-S and 1878-S. Avery nice, originally toned near-Gem,
the present example is overlaid in mottled olive-copper iridescence that
is mostly confined to the protected areas around the devices. Otherwise
silver-gray in sheen, both sides are sharply struck with full, frosty mint
luster. Minimally abraded, as befits the assigned grade.

PCGS# 7041.

Gem 1877-S Trade Dollar

Prooflike in Finish on the Reverse

641 1877-S MS-65 (NGC). An enchanting example, this coin combines

a richly frosted obverse with a fully prooflike reverse. The fields on the
latter side shimmer with mirrored reflectivity, and they contrast boldly
with frosty-textured devices. The overall strike is sharply executed, and
there are no abrasions that would call into question the validity of the
Gem grade. Conditionally scarce, with pretty orange-gold peripheral
toning that is largely confined to the upper obverse.

The 1877-S is one of the most plentiful Trade Dollars in terms of
total number of coins known. Most survivors grade no finer than MS-
64, however, and the relatively small number of Gems known are under
strong pressure from high-quality type collectors.

642 1877-S MS-64 (NGC). A nearly Gem-quality Trade Dollar, both the
obverse and the reverse are swirling with frosty mint luster. The lightest
golden-silver tinting is also present on both sides, but there is just not
much to see in the way of wispy abrasions. Sharply, if not fully struck
throughout.

PCGS# 7046.

643 1877-S Breen-5814. Minute S. MS-64 (NGC). Radiant, all-brilliant
surfaces are fully endowed with coruscant mint frost. With a full strike
and no individually mentionable abrasions, this coin comes highly rec¬
ommended for inclusion in a high-grade numismatic holding. Bowers
(1993) describes the Minute S variety of the 1877-S Trade Dollar as
“rare.”

PCGS# 7046.

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Page 121

The April 2008 Chicago Rarities Sale • Session One

644 1878-S Trade. MS-65 (PCGS). A lovely Gem type candidate, this piece

is exceptionally smooth for such a large-size silver coin as the United States
Trade Dollar. There are actually no mcntionable abrasions, and most areas
are smooth and essentially pristine. Bright, frosty luster provides swirling
cartwheel visual effects when the surfaces rotate under a light. The original
finish is so vibrant, in fact, that it shines forth powerfully even though there
is a bit of light tannish-silver patina on both sides. Sharply struck through¬
out, and attractive in all regards, this coin is sure to have no difficulty find¬
ing its way into an impressive numismatic holding.

PCGS Pbpulaiion: 17; 18 finer.

PCGS# 7048.

645 1880 Trade. Prtxtf-64 (PCGS). CAC. Original charcoal-copper patina

blankets both sides of this fully struck near-Gem. The surfaces are more vi¬
brant at direct angles, where you can appreciate electric-blue undertones
and a shimmering, uniformly brilliant mint finish. A fully struck, high-
grade type candidate from a proof-only mintage of 1,987 pieces.

Commemorative Silver Coins

646 1895 Isabella Quarter. Proof-63 (NGC). The only issue of this de¬

nomination in the entire U.S. Commemorative series of 1892-date, the
1893 Isabella Quarter was prepared for distribution at the World’s
Columbian Exposition. The Philadelphia Mint struck 40,000 coins for
collector sale, plus an additional 23 pieces for assay purposes. The first
100 coins produced are proofs, as are the 400th, 1,492nd and 1,892nd
pieces to emerge from the press. The significance of the final three proofs
is clear—their positions in the striking order commemorate the year of
Columbus’ discovery and the 400th anniversary of that event.

Unlike a business strike of this type, the present example is extremely
sharply detailed over the central design elements. Additionally, the rims
are broad and squared, the denticles are fully separated and the fields
shimmer with noticeable reflectivity when the coin rotates under a light.
Moderately toned in blended olive-silver, lavender-silver and sandy-tan
shades, with no outwardly distracting contact marks.

PCGS# 9221.

647 1893 Isabella Quarter. MS-65 (PCGS). Richly original, otherwise
antique-copper patination blends with cobalt-blue and lavender-pink
highlights at the denticles. The underlying luster is fully vibrant, and
there are no abrasions to call into question the validity of the MS-65
grade.

648 1893 Isabella Quarter. MS-64 (PCGS). Fully original, both sides are
bathed in lavender-gray patina with more vibrant orange-copper high¬
lights at the denticles. Smooth and frosty, with no distracting abrasions
to report.

PCGS# 9220.

From Superior's Elite Coin Auction, January 2008, lot 628.

649 1900 Lafayette Silver Dollar. MS-65 (PCGS). This is an undeniably

original Lafayette Dollar that also offers solid Gem quality. The toning
is predominantly a blend of antique-copper and olive-russet shades, but
we do note some intermingled reddish-copper and blue-gray highlights
in the protected areas around many of the devices. Swirls of slightly
lighter, pearl-gray color are also intermingled here and there in the fields,
most noticeably on the reverse. Distracting abrasions are essentially ab¬
sent, and the surfaces retain full mint luster with a softly frosted texture.
A conditionally scarce offering for the Commemorative collector that
values originality.

650 1900 Lafayette Silver Dollar. MS-64 (PCGS). This frosty-white ex¬
ample is brilliant throughout. There are also no individually mentionable
abrasions, and the eye appeal is quite pleasing for a representative of this
conditionally challenging Commemorative silver issue.

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The April 2008 Chicago Rarities Sale • Session One

■651 1921 Alabama Centennial. 2x2. MS-66 (NGC). A beautiful coin

from the standpoint of originality, both sides display lavender-toned cen¬
ters that are framed in equally soft: powder-blue, gold and orange-red pe¬
ripheral highlights. The colors are well blended over both sides, and they
help to accent an uncommonly smooth sheen for a Commemorative
Half Dollar of this type. Satiny in luster quality, and housed in an older
NGC holder with a thick border and large hologram.

PCGS# 9225.

652 1921 Alabama Centennial. MS-67 (NGC). A conditionally chal¬

lenging issue even in MS-65, this lovely Superb Gem represents truly ex¬
ceptional quality in a 1921 Alabama Commem. There is not even a
single, wispy abrasion to distract the eye away from a bright, brilliant-
white sheen and full, vibrant luster. Above average in strike for an exam¬
ple of the type, although still not completely full in the center of the
reverse, this is a truly lovely coin to behold.

Combined PCGS and NGC Population: only 7; 0 finer.

PCGS# 9224.

653 1921 Alabama Centennial. MS-65 (NGC). CAC. Vibrant, softly
frosted luster bathes overall smooth, minimally abraded surfaces. The
eye appeal is already strong, but it receives an added boost from irides¬
cent-copper highlights that are more widely distributed over the obverse.

PCGS# 9224.

654 1936 Albany. MS-67 (NGC). Copper-russet tab toning interrupts an
otherwise silvery sheen on the reverse. The obverse is equally original,
albeit with more even patination in a mostly antique-gold color. Satiny
throughout, and vibrantly so, the surfaces are also exceptionally smooth
for an example of this 1930s Commemorative type.

PCGS# 9227.

655 1925-S California Diamond Jubilee. MS-67 (NGC). CAC. Excep¬

tionally smooth for an example of the type, both sides are free of even a
single distracting blemish. There is some pale-tan iridescence on the ob¬
verse, as well as speckled lilac-blue highlights in select rim areas, but the
reverse is essentially brilliant. Satiny in sheen, and sure to please even the
most discerning collector of classic Commemorative coinage.

PCGS# 9281.

656 1936 Cleveland. MS-67 (PCGS). Pretty pinkish-silver patina blankets
the obverse, while the reverse remains brilliant. Both sides are equally
lustrous with a richly frosted texture, the surfaces smooth and comfort¬
ably at home with the MS-67 grade.

PCGS Population: 37; with a single coin finer in MS-68.

PCGS# 9288.

657 1892 Columbian Exposition. MS-67 (NGC). Tannish-gray patina

blankets both sides, deepening toward the rims and yielding to a blush
of vivid cobalt-blue iridescence along the right-obverse border. Vibrantly
lustrous and smooth to the eye, this coin would accept nothing less than
a Superb Gem rating.

NGC Census: 34; only 1 finer.

PCGS# 9296.

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Till Armi 2008 Chi< \go Rarities Sali « Session Qnf.

658

1936 Gettysburg. MS-67 (PCGS). Whispers of orange-russet patina
here and there around the obverse periphery interrupt an otherwise bril¬
liant-white sheen. A fully lustrous and smooth Commem, and one that
is also conditionally scarce for the popular Gettysburg type.

659 1922 Grant. MS-66 (NGC). Otherwise brilliant, both sides reveal the

faintest pink-colored highlights when the coin dips into a light. A
smooth, satiny Gem that is sure to please even the most exacting numis¬
matist.

660 1928 Hawaiian Sesquicentennial. MS-65 (PCGS). One of the most

blatandy original Hawaiian Commems that this cataloger has ever han¬
dled, both sides exhibit a 40-60 mix of well-blended, lavender-gray and
sandy-gold patina. Smooth and satiny, the validity of the Gem grade
seems beyond contestation. The PCGS holder is an older variant with a
light-green insert.

661 1928 Hawaiian Sesquicentennial. MS-65 (NGC). A key-date Com¬

mem with a limited original mintage, the 1928 Hawaiian is particularly
desirable in Gem Mint State. This is just such a coin, the surfaces overall
smooth with full, satiny mint bloom. L ight, even, golden iridescence on
lb reverse is largely confined to the upper-left portion of the obverse.

662 1928 Hawaiian Sesquicentennial. MS-65 (NGC). Satiny in sheen

both sides present as brilliant at most angles. There is actually a bit of del¬
icate silvery tinting in evidence, as well as equally light, pale-apricot high¬
lights at the obverse rim. Overall smooth, and comfortably at home with
the Gem grade.

PCGS# 9309.

663 1935 Hudson Sesquicentennial. MS-67 (NGC). Wholly original,

both sides are peripherally toned in golden-apricot and tannish-apricot
colors that frame circles of brilliance in the centers. A vibrant, softly frosted
texture is typical of the type, but smooth surfaces that are free of grade-lim¬
iting abrasions are most certainly atypical for a Hudson Commem.

NGC Census: only 25.0 finer.

PCGS# 9312.

664 1924 Huguenot-Walloon Tercentenary. MS-67 (NGC). Bright,
brilliant-white surfaces are free of both toning and grade-limiting abra¬
sions. An attractive, conditionally rare example of this classic Commem¬
orative type.

NGC Census: 36; 0 finer.

PCGS# 9314.

665 1925 Lexington-Concord Sesquicentennial. MS-67 (NGC). Obvi¬

ously original, this coin is toned in rich, mottled, copper-russet and blue-
gray patina that is much deeper on the obverse. The reverse, in feet,
presents as nearly brilliant at select angles, although a few speckles of
lighter tinting are evident on that side. Satiny and smooth, and sure to
please the Commemorative collector that values originality.

NGC Census: only 10; 0 finer.

PCGS# 9318.

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The April 2008 Chicago Rarities Sale • Session One

666 1936 Long Island Tercentenary. MS-67 (PCGS). CAC. Breath-
takingly beautiful, both sides are adorned with rich, iridescent, olive-or¬
ange patina that leaves a small circular area in the center of the obverse
brilliant. With full, vibrant mint frost and nary a distracting abrasion to
report, this coin is every bit the Superb Gem. Conditionally rare for the
type, and worthy of a premium bid.

PCGS Population: only 24; 0 finer.

PCGS# 9322.

667 1936 Long Island Tercentenary. MS-67 (PCGS). Otherwise olive-

copper obverse patination yields to vivid golden-orange and salmon-pink
iridescence over the lower-right portion of that side. The reverse is bril¬
liant in the centers, but vibrant golden toning hugs the rim in most areas
around the border. Conditionally rare for an example of this 1930s Com¬
memorative type.

PCGS Population: only 24; 0 finer.

PCGS# 9322.

668 1934 Maryland. MS-67 (PCGS). Uncommonly attractive for an ex¬
ample of this classic Commemorative type, both sides are silky smooth
in sheen with nary a distracting abrasion to report. The surfaces are also
equally lustrous, but only the obverse is moderately toned in lavender-
pink patina that blends with olive-orange highlights at the rims. The re¬
verse is not all that far from brilliance, although we do note some
pale-apricot tinting along the upper border on that side. Tied for high¬
est-graded honors among Maryland Commems that have been submit¬
ted to PCGS for certification, and important, as such.

PCGS# 9328.

669 1921 Missouri Centennial. 2x4. MS-65 (NGC). Light golden-gray

patina adorns the obverse, while the reverse exhibits blushes of charcoal-
blue and olive-russet toning toward the lower border. Uncommonly
smooth for an example of this conditionally challenging type, there are
not even any distracting abrasions over the frontiersmans portrait.

PCGS# 9331.

670 1921 Missouri Centennial. MS-65 (NGC). Rich, original, mostly
charcoal-copper patina drifts toward the borders and frames small areas
of virtual brilliance in the centers. This coin is vibrantly lustrous with a
satin-to-softly frosted sheen greeting the viewer on both sides. Distracting
abrasions, however, are not seen.

PCGS# 9330.

671 1923-S Monroe Doctrine Centennial. MS-65 (PCGS). Not only is

this coin uncommonly smooth for an example of the type, but the sur¬
faces are originally toned in pleasing pinkish-silver, orange-russet, tan-
nish-silver and ice-blue colors. The most vivid shades are concentrated at
the obverse periphery. Fully frosted throughout, with a shallow planchet
flaw (as struck) that is well concealed over the back of Adam’s head.

PCGS# 9333.

672 1923-S Monroe Doctrine Centennial. MS-65 (NGC). Bright, sil¬
ver-white surfaces are free of even the lightest toning. The central obverse
is exceptionally smooth for an example of this classic Commemorative
type. While a few abrasions are present over the right reverse, the validity
of the Gem grade is still assured in our minds.

PCGS# 9333.

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Thi Aprii 2008 Chicago Rarities Sali * Session One

673 1938 New Rochelle. MS-67 (NGC). Intensely vivid, both sides are

layered in rich olive-gold, pinkish-apricot, antique-copper, powder-blue,
reddish-russet and blue-gray colors. There is a small swirl of brilliance in
the left-reverse field—an interesting feature given the depth of toning in
all other areas. We are unable to locate even a single distracting abrasion,
and the validity of the Superb Gem rating seems assured in our minds.

674 1926 Oregon Trail Memorial. MS-67 (PCGS). CAC. Satiny with
a silky-smooth sheen to the surfaces, this attractively original example is
also lightly toned on both sides. The patina is mostly tannish-silver in
hue, but there are deeper olive-orange highlights in select peripheral areas.
A conditionally scarce representative of this first-year Oregon Commem
from the Philadelphia Mint.

Handsome 1926-S
Oregon Commem

PCGS MS'68 with a Pop of Just 4/0

675 1926-S Oregon Trail Memorial. MS-68 (PCGS). Condition Census

lor this first-year Oregon Trail Commem from the San Francisco Mint,
this gorgeous Superb (Jem is originally toned in lavender-gray patina.
There are also mottled highlights of more vibrant colors, and they include
orange-copper, steel-gray and russet shades that are largely confined to the
peripheries. Satiny in sheen, and free of even a single grade-limiting abra
sion, this coin belongs in a Registry Set of classic Commemorative
coinage.

Designed by the husband and wife team of James Earle and Iaura
Gardin Fraser, this Half Dollar type commemorates the 2,000-mile Ore¬
gon Trail and the pioneers that braved this arduous trek to help settle the
West. Examples were struck for distribution to contemporary collectors
in 1926, 1928, 1933, 1934 and from 1936-1939.

PCGS Population: only 4; none are finer.

PCGS# 9341.

676 1936-S Oregon Trail Memorial. MS-68 ★ (NGC). Exceptional

technical quality and eye appeal in an example of this popular Com¬
memorative type, this ‘36-S Oregon is warmly patinated in mosdy pink¬
ish-gray and blue-gray colors. The reverse, however, is also peripherally
toned in vivid reddish-orange and olive-gold iridescence that is so impres¬
sive that NGC has mounted the coin “reverse up” in the holder to show
this feature to best effect. Satiny in sheen and overall pristine, we whole¬
heartedly recommend this coin to advanced Commemorative collectors.

PCGS# 9346.

677 191 5-S Panama-Pacific Exposition. MS-66 (PCGS). Original, mot¬

tled, olive-russet patina is largely confined to the obverse and the periph¬
ery on the reverse. The balance of the latter side exhibits softer
lavender-gray patina. There are no distracting abrasions to report on ei¬
ther side—an uncommon attribute for this conditionally challenging
issue—and the luster is full with a suitably vibrant sheen.

678 1915-S Panama-Pacific Exposition. MS-65 (NGC). This is an ob¬
viously original example, the surfaces displaying mottled reddish-russet
highlights over a base of softer, antique-gold patina. The former color is
most extensive at the borders, but all areas are equally free of distracting
abrasions. A satiny Gem housed in an older NGC holder with a thick
border and large hologram.

PCGS# 9357.

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The April 2008 Chicago Rarities Sale • Session One

679

680

1921 Pilgrim Tercentenary. MS-67 (NGC). Original, light-to-
medium, olive-copper patina adorns both sides in a somewhat mottled
fashion. With full satin luster and a silky-smooth sheen, this coin would
make a pleasing addition to any high-grade set.

NGC Census: 20; 0 finer.

PCGS# 9360.

1921 Pilgrim Tercentenary. MS-65 (PCGS). CAC. Slightly mot¬
tled, copper-apricot iridescence drifts toward the borders of this richly
frosted Gem. There are no distracting abrasions, as befits the MS-65
grade from PCGS.

PCGS# 9360.

681 1936-D Rhode Island Tercentenary. MS-67 (PCGS). There is not

much to report here other than bright, brilliant surfaces and swirling
cartwheel luster. A no-questions Superb Gem mounted in an older
PCGS holder with a green insert.

PCGS Population: 44; 0 finer.

PCGS# 9364.

682 1935-S San Diego, California Pacific Exposition. MS-68 (NGC).
Richly original, slightly mottled, olive-russet and orange-red toning is
largely confined to the peripheries of this beautiful Superb Gem. Bathed
in frosty mint luster, this coin also offers bold striking detail and pristine-
looking surfaces. Among the finest known!

Combined PCGS and NGC Population: only 8; 0 finer.

PCGS# 9371.

683 1935 Old Spanish Trail. MS-67 (PCGS). CAC. Exceptionally
smooth, virtually pristine surfaces are veiled in soft tannish-silver patina.
A softly frosted Superb Gem for the quality-conscious collector.

PCGS# 9376.

684 1935 Texas Centennial PDS Set. MS-65, MS-66, MS-66 (PCGS).
An original set, all examples possess full, softly frosted luster beneath ei¬
ther gold or pale-silver tinting. Some mottled copper-russet patina is also
present along the upper-left obverse rim of the S-mint example. Housed
in consecutively numbered PCGS holders, 12799439 through
12799441. (Total: 3 coins)

685 1948-D Booker T. Washington. MS-67 (PCGS). Mottled, some¬

what streaky, olive and reddish-russet toning is most extensive over the
upper obverse. All areas are equally lustrous with a smooth, satiny sheen
that readily upholds the Superb Gem grade. Top-of-the-pop for the issue,
this ‘48-D BTW belongs in a high-ranked Registry Set of classic U.S.
Commemorative coinage.

PCGS Population: just 6; none are finer.

PCGS# 9413.

686 1949-D Booker T. Washington. MS-67 (PCGS). Tied for highest-
graded honors at PCGS, this ‘49-D Booker T. Washington Commem is
silky smooth in sheen over both the obverse and the reverse. Softly frosted
luster is adorned with delicate pinkish-silver iridescence and, along the
upper and lower-obverse borders, mottled olive-russet highlights. A beau¬
tiful representative of both the type as a whole and the individual issue.

PCGS Population: 13; 0 finer.

PCGS# 9417.

Continued next page

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Tim Aprii 2008 Chicago RaritiesSali » Session One

Commemorative Gold Coins

687 1922 Grant Gold Dollar. Star. MS-67 (PCGS). CAC. Satiny, or
ange-gold surfaces are as vibrant as the day the coin left the dies in the
Philadelphia Mint. Both sides offer pleasingly bold definition by the stan¬
dards of the type, and there is not even a single distracting abrasion to in¬
hibit the eye appeal. A no-questions Superb Gem that is sure to please
even the most discerning collector.

PCGS# 7459.

688 1922 Grant Gold Dollar. MS-67 (NGC). Easily among the most at¬
tractive examples of this Commemorative gold type available in the nu¬
mismatic market, this coin is fully Superb and nothing short of attractive.
Both sides are silky smooth in appearance, the surfaces so well preserved
that they are nearly pristine. Satin mint luster is as fresh the day the coin
left the dies, as are even, orange-gold color and warmer, green-gold un¬
dertones. Boldly struck and a real delight to behold, we wholeheartedly
recommend this piece to collectors of high-quality Comments.

689 1926 Sesquicentennial of American Independence Quarter Eagle.

MS-r>4 (PCGS). 1 his rose-gold example is richly colored and uncom
rnonly smooth even for the near-Gem assessment. Nearly in the MS-65
category, and seemingly worthy of a premium bid, as such.

690 1915-S Panama-Pacific Exposition Gold Dollar. MS-65 (PCGS).
This satiny Gem possesses dominant medium-orange color to both sides.
There is, however, a tiny blush of reddish-colored tinting at the upper-
right reverse border that we note solely for accuracy’s sake. Grade-limiting
abrasions are not seen, and this coin is solidly graded at the MS-65 level.
PCGS# 7449.

Superb 1915-S
Pan-Pac Quarter Eagle

691 1915-S Panama-Pacific Exposition Quarter Eagle. MS-67 (NGC).

Combining the talents of Chief Engraver Charles E. Barber and Assistant
Engraver George T. Morgan, this Commemorative Quarter Eagle is
equally a symbolic as the other designs prepared for distribution at the
1915 Panama-Pacific International Exposition. Much of the symbolism
is embodied in the obverse design, where Liberty is seated on a hip¬
pocampus and holding a caduceus in her outstretched left hand. The
mythical creature signifies use of the Panama Canal, while the caduceus
symbolizes the triumph of medicine over the rampant malaria on the
Isthmus that helped to thwart earlier attempts to complete the canal.

An exquisite condition rarity, this satiny Superb Gem is free of even
a single distracting blemish. Both sides possess warm, even, rose-gold
color that further enhances already memorable eye appeal. Well struck by
the standards of the type, and sure to have no difficulty finding its way
into an advanced numismatic holding.

PCGS# 7450.

692 1915-S Panama-Pacific Exposition Quarter Eagle. MS-65 (NGC).

A very attractive representative of the type, this satiny Gem possesses
smooth surfaces are a well-executed strike. Both sides also feature original
color that is a blend of orange-gold and rose-gold shades. A scarce issue
at all levels of preservation, the 1915-S Pan-Pac Quarter Eagle is partic¬
ularly desirable when encountered in the finer Mint State grades. The
NGC holder is an older variant with a thick border and large hologram.

PCGS# 7450.

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The April 2008 Chicago Rarities Sale • Session One

Hawaiian Coin

694 1883 Hawaii Quarter. MS-66 (PCGS). Very well preserved, and un¬
commonly so for an example of this issue, both sides are bursting with
fulsome mint frost. There are no bothersome abrasions, and mottled
olive and lavender-russet iridescence speak volumes about the originality.
A lovely piece!

PCGS# 10987.

"“'SrS.'SiS'S

■=£*.s.

693 Lot of (3) Items Related to the 1915 Panama-Pacific International
Exposition, Including an Original Box for a Five-Piece Commem¬
orative Coin Set. The highlight of this lot is definitely the original box
for a five-coin set of Panama-Pacific Commemorative coins. The box
grades EF with signs of light-to-moderate handling on the outside. The
interior is even better preserved with no scrapes or tears on the felt and
only light foxing to the paper card. The clasp works perfectly. Also in¬
cluded in this lot are the following two items: brass watch fob from the
1915 Panama-Pacific International Exposition, EF with a few light edge
nicks and a bit of light corrosion in a few isolated areas; and a sales ad¬
vertisement from the Coin & Medal Department of the Panama-Pacific
International Exposition advertising not only the five Commemorative
coins, but also the Panama-Pacific Official Medal designed by Robert
Aitken. The advertisement is otherwise EF but has been folded 1/3 of the
way up from the bottom edge. (Total: 3 items)

David Hall
Founder of PCGS

i v-

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The April 2008 Chicago Rarities Sai.i-. • Session One

1880 Proof Set

695 A Nearly Complete 1880 Minor and Silver-Coin Proof Set. All
coins are graded and encapsulated by PCGS, the inserts consecutively
numbered from 12747927 through 12747933. Included are:

1880 Indian Cent. Proof-64 RB. Fully struck, much of the
original reddish-orange color remains despite the presence of light,
glossy-brown overtones. There are only a few wispy handling marks,
as one should demand for the near-Gem grade from PCGS.

1880 Nickel Three-Cent Piece. Proof-66. This crisply im¬
pressed Gem is mosdy brilliant, but direct angles do reveal the lightest
lilac-pink tinting that further enhances already memorable eye appeal.
Essentially pristine.

1880 Shield Nickel. Proof-64. Sharply struck features are
adorned with delicate silvery tinting.

1880 Seated Liberty Dime. Proof-63. This is a bright, brilliant
example that includes some degree of contrast between the devices
and fields. While a few wispy obverse hairlines confirm the Proof-63
designation, the overall eye appeal is suggestive of a higher grade.

1880 Seated Liberty Quarter. Proof-63. Fully struck and oth¬
erwise untoned, there is a partial crescent of warm antique-copper iri¬
descence along the upper-reverse border.

1880 Seated Liberty Half Dollar. Proof-63. This radiant spec¬
imen is free of even the lightest toning. Both sides are sharply im¬
pressed, and there are no more than the expected number of wispy
hairlines for the assigned grade.

1880 Morgan Silver Dollar. Proof-63. Warm golden-gray
patina adorns both sides of this expertly produced example. There are
no blemishes of note, and the devices appear to have enough mint
frost to warrant consideration for a Cameo designation.

The lowest-mintage proof minor and silver coins struck in 1880
were produced to the extent of 1,355 pieces, which means that no
more than that number of sets could have been distributed by the
Mint. The set that we are offering here is missing only the proof-only
1880 Trade Dollar. Even so, the coins that are present are completely
original to the set. As such, this 1880 proof set is much more impor¬
tant than the typical “put-together” set that is encountered in today’s
market. (Total: 7 coins)

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The April 2008 Chicago Rarities Sale • Session One

Bullion Private and Territorial

Gold Coins

i696 1995-W American Silver Eagle. Proof-69 Deep Cameo (PCGS).
To mark the 10th anniversary of the Silver Eagle bullion series, the Mint
struck 30,125 proofs in 1995 with the W mintmark for West Point.
These are the first Silver Eagles struck in the West Point Mint, and the
issue has the lowest mintage in this modern bullion series. Breathtakingly
beautiful, and as struck, this pristine Superb Gem is brilliant with ex¬
tremely strong field-to-device contrast.

PCGS #9887.

697 Lot of (11) Gold Nuggets. 23.8 grams total. The nuggets are predom¬
inantly of high quality with very little quartz remaining.

698 A Complete Set of First-Strike 2006 American Gold Eagles. MS-
70 (NGC). This set is housed in an oversized NGC holder, and it in¬
cludes one example each of the 2006 Tenth-Ounce, Quarter-Ounce,
Half-Ounce and One-Ounce Gold Eagles. The coins are uniformly pris¬
tine and equally attractive. (Total: 4 coins)

699 Lot of (2) 2006-W One-Ounce Gold American Buffalo Bullion
Coins. Proof-67 Deep Cameo (Uncertified). The coins are as struck
and appear to grade at least Proof-67 Deep Cameo. Each piece comes
with the original box of issue.

700 A Complete American Eagle 20th Anniversary Silver Coin Set.
All coins are Uncertified and housed in the original case. The original box
is also present. Included are: 2006-W Silver Eagle; 2006-W Proof Silver
Eagle; and a 2006-P Reverse Proof Silver Eagle. The coins appear to grade
at least MS/Proof-67, the 2006-W proof with a Deep Cameo finish.
(Total: 3 coins)

From Superior’s Elite Coin Auction, January 2008, lot 690.

701 A Complete American Eagle 20th Anniversary Gold & Silver
Coin Set. The coins are Uncertified and housed in the original case and
box of issue. Included are: 2006-W Silver Eagle; and a 2006-W One-
Ounce Gold Eagle. Both examples appear to grade at least MS-67.
(Total: 2 coins)

From Superior’s Elite Coin Auction, January 2008, lot 689.

702 A Complete American Eagle 20th Anniversary Gold Coin Set.
This set is housed in the original deluxe case and gold box. Included are:
2006-W One-Ounce Gold Eagle; 2006-W Proof One-Ounce Gold
Eagle; and a 2006-W Reverse Proof One-Ounce Gold Eagle. The coins
are as struck and appear to grade at least MS/Proof-67, the 2006-W
proof with a Deep Cameo finish. The 2006-W Reverse Proof is an im¬
portant key-date issue in the American Eagle Gold Bullion series. (Total:
3 coins)

From Superior’s Elite Coin Auction, January 2008, lot 688.

703 Undated (1837-1842) Christopher Bechtler. $1 Gold. K-4. Rar¬
ity-4. 28. G., N Reversed. MS-62 (NGC). This is one of the more
frequently encountered Bechtler issues, and it has long been popular for
Territorial gold type purposes. An attractive BU, both sides exhibit dom¬
inant green-gold color over moderately abraded surfaces. None of the
scattered distractions are really worthy of singular mention, however, and
flashes of a semi-prooflike finish also enhance the eye appeal. Well struck,
and conditionally rare for the type.

NGC Census: only 5; with a mere three finer.

PCGS# 10055.

Rarely Offered C. Bechtler
Twoand-a-Half

704 Undated (1837-1842) Christopher Bechtler. $2.50 Gold. K-ll.
Rarity-6. 64. G., 22 CARATS, Uneven 22. MS-60 (NGC). A
very rare type, this is the first time that this cataloger can remember han¬
dling an example in any grade over the last 10 or so years as a professional
numismatist. Strictly Uncirculated, both sides are free of evident wear
with a relatively bright, satin-to-semi-prooflike sheen. The color is a deep
olive-gold shade and, while numerous abrasions confirm the basal Mint
State grade, a lack of individually mentionable distractions further en¬
hances the eye appeal. Well struck, with the reverse impression rotated
quite a bit in relation to that on the obverse.

NGC Census: just 9 in all Mint State grades.

PCGS# 10073.

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The April 2008 Chicago Rarities Sai.i- * Session One

One of the Finest K-15 Christopher Bechtler
Five-Dollar Gold Coins Known to Exist

705 Undated (1831-1834) Christopher Bechtler. $5 Gold. K-15. Rarity-7. 150. G., 20. CARATS. MS-62 (NGC). One of the first two types of
Bechtler Fives produced. Kagin-15 differs from Kagin-14 solely due to the addition of the inscription 150. G. to the obverse field between 20. CARATS
and the star. The present variety is actually the second series of Five-Dollar gold pieces produced by this private minting firm that serviced the United States’
first gold rush in Lower Appalachia. A very rare type, the coin that we are offering here is one of only 16 examples currendy listed on the PCGS Population
Report and NGC Census. Taking into consideration the probable inclusion of a few resubmissions in that total, we would be surprised to learn that more
than 10-15 distinct examples of the K-15 Bechtler $5 Gold are known.

Tied for finest known, this solid Mint State survivor retains a lull, satin-to-semi-prooflike finish from the dies. Otherwise green-gold in color, a splash
of feint rose-gold haziness over the lower-right obverse is noted solely for accuracy. The same consideration compels us to mention some wispy abrasions,
none of which are individually distracting and all of which are well within the context of the assigned grade. As attractive as they come for an example of
this exceedingly rare type, this important BU representative belongs in the finest collection ofTerritorial gold coins.

Combined PCGS and NGC Population: just 4 in all Mint State grades, the finest coins of which grade MS-62.

PCGS# 10118.

Pleasing BU Kagirvl7 Christopher Bechtler $5 Gold

706 l ndated (1834-1837) Christopher Bechtler. $5 Gold, k 17 Rarity-5. 140. G.. 20 CARATS, Plain Edge. MS-61 (NGC). The fourth series of
Bechtler Fives, this type carries the date August 1, 18.34 as parr of the obverse inscription. The significance of this design element is to help the newer, light¬
weight Bechtler gold coins avoid the undue attention of federal authorities. The Secretary of the Treasury actually recommended that all federal gold coins
struck after August 1, 1834 bear the date of the authorizing act from (Congress. This was not done, but Alt Christopher Bechtler felt that it would be wise
to comply with the secretary s wishes to help keep his firm in business. After all, the Bechder’s entire coinage operation was illegal per the terms of the Con¬
stitution (which reserved the right to coin money in the United States for the federal government), and the firm only operated successfully because of a dire
need for coinage during the Lower Appalachian Cold Rush that the U.S. Mint could not immediately meet.

A pleasing, original-looking BU, both sides are boldly impressed over all of the inscriptions that constitute the design. The color is a blend of deeply set,
olive-khaki undertones and lighter, orange-copper iridescence. Otherwise satiny in sheen, the most modest hints of semi-reflectivity are discernible in the
fields with the aid of a strong light source. Scattered abrasions pepper both sides, but all are small in size and none are singularly conspicuous.

PCGS# 10112.

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The April 2008 Chicago Rarities Sale • Session One

BU Bechtler K-17
Five-Dollar Gold

707 Undated (1837-1842) Christopher Bechtler. $5 Gold. K-17. Rar¬
ity-5. 140. G., 20 CARATS, Plain Edge. MS-61 (NGC). Gener¬
ally green-gold in color, we do note brighter yellow-gold overtones when
the surfaces are held at direct angles to a good light source. Isolated areas
of the obverse rim may be a bit softly defined, but the strike is overall
sharp and all inscriptions are devices are bold and clearly discernible.
Scattered abrasions are noted, as perhaps one should expect for the as¬
signed grade, but a shimmering, satin-to-semi-reflective sheen does en¬
hance the eye appeal. One of several important offerings from the Fourth
Series of Bechtler gold coinage that we are pleased to present in this sale.

PCGS# 100112.

Undated Kagin-20
Christopher Bechtler Five

Among the Finest Known

708 Undated (1837-1842) Christopher Bechtler. $5 Gold. K-20. Rar¬
ity-4. 134. G., 21 CARATS, Star. MS-61 (NGC). Part of the sixth
and penultimate series of gold coins issued by Alt Christopher Bechtler,
this appealing BU would make a lovely addition to a specialized collec¬
tion. Both sides blend olive-gold and orange-gold colors over well-struck
-—features. We are unable to locate any areas of noteworthy lack of detail,
and all of the inscriptions and devices that comprise the design are bold
and clearly discernible. While there is no evident wear, both sides are
quite scuffy with scattered small and moderate-size abrasions. The latter
features, however, are anything but uncommon for a Bechtler gold coin
of this size, and the eye appeal is actually quite strong, as such.

Combined PCGS and NGC Population: 13; 0 finer.

PCGS# 10097.

David Hall
Founder of PCGS

i v*

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in this Bowers and Merena auction.

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Page 133

709 Undated (1842-1852?) August Bechtler. $5 Gold. K-28. Rarity-8. 128. G., 22. CARATS. AU-55 (PCGS). The Bechders were
one of the most widely respected private minting firms ever to operate in the United States. Beginning in the 1830s and continuing into the
early 1850s, Alt Christopher, Sr., his son Christopher and nephew August struck coins from Lower Appalachian gold before the federal
branch mints in Charlotte, North Carolina and Dahlonega, (ieorgia became firmly established in the region. The family’s coins, which were
struck in Dollar, Two-and-a-Half I )ollar and Five-Dollar denominations, enjoyed considerable respect among the contemporary population
and may have even continued to circulate throughout the South as late as the start of the Civil War.

Attributed to August, the Five-Dollar gold pieces of the Kagin-28 variety are leading rarities in this series, and probably fewer than 15 distinct
examples have survived to the present day. Fhis C Choice AU is certainly among the most appealing, displaying as it does warm olive-gold color
and crisp striking definition to .ill elements of the design. The lightest haziness is evident at a few indirect angles, but we are pleased to report
that there are no significant abrasions save perhaps lor a lew shallow grazes in the reverse field at the right base of the 5 in the denomination.
An extreme!) rare coin that probably represents a once-in-a-lifetime buying opportunity for many Territorial gold specialists.

I'i if. April 2008 Chicago Rarities Sai.i • Session One

710 1849 Moffat & Co. $5 Gold. K-4a. Rarity-4. EF-40 (ANACS). Deeply set, olive-gold color warms to more of a medium-gold shade when the surfaces

dip into a light. The upper portion of the obverse portrait is a bit softly struck, with the result that it displays much of the wear that confirms the EF grade.
The other areas are relatively bold, and there are no sizeable or individually mentionable abrasions to inhibit the eye appeal. All-in-all, this is a pleasing circulated
survivor of this historic California Gold Rush issue from the highly respected firm of Moffat & Co.

PCGS# 10240.

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Bowers and Merena Auctions

711 1851 Augustus Humbert. $50 Gold. K-5. Rarity-5-. Reeded Edge, 880 THOUS., Target Reverse. MS-62 (NGC). A provisional
mint that served as the predecessor of the full-fledged San Francisco Mint, the United States Assay Office operated under the auspices of Moffat
& Co. with Augustus Humbert as United States Assayer of Gold. One of the more popular and desirable products of this important coinage
facility that served California during the early years of the Gold Rush, the 1851 K-5 Humbert Fifty is a very scarce type that is typically offered
either noticeably worn or with significant impairments. The present example, however, has been extremely well preserved since the day of
issue—a fact that we are tempted to attribute to chance since there was no numismatic activity on the West Coast during the 1850s. On the
other hand, we do know that many privately issued gold coins struck in California were shipped back to the country’s commercial center in
New York, so it is possible that this important piece was snatched up by a prominent collector in the Northeast.

Regardless of how this coin managed to survive in such a high level of preservation, it is an extremely important find for advanced Territorial
gold collectors. Both sides exhibit warm, even, medium-gold color to the surfaces. Indirect angles call forth more deeply set olive-khaki under¬
tones, while direct light reveals modest semi-prooflike tendencies in the obverse field. With the exception of the typically seen bluntness to the
highpoint detail on the obverse, this piece is well struck from the dies. Also of note is an overall lack of outwardly distracting abrasions and,
even more significantly, there are no problems with the rims. Condition Census for the type, and worthy of inclusion in the finest specialized
collection.

Combined PCGS and NGC Population: only 3; with a lone MS-63 finer. All of these coins have been certified by NGC.

PCGS# 10211.

The

1851

A Condition

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Page 135

Tin Aprii 2008 Chicago Rarities Sali • Session One

Mint State 1852 Humbert $10 from the S.S. Central America

712 1852 Augustus Humbert. $10 Gold. K-10. Rarity-5. MS-62 (PCGS). Bright, yellow-gold surfaces reveal flashes of semi-reflectivity in the fields

when the coin rotates under a light. The strike is quite sharp on the obverse, but it does soften appreciably over the central highpoint and at the rim on the
obverse. A loupe reveals myriad rust pimples (as struck) on the obverse, which is indicative of the state of that die at the time this coin was struck. On the
other hand, not even close inspection calls forth a particularly noteworthy abrasion. All-in-all, this is a pleasing BU representative of this Assay Office issue
from Gold Rush California.

PCGS# 10187.

Ex: S.S. Central America.

Near-Mint 1852/1 Humbert $20

713 1852/1 Augustus Humbert. $20 Gold. K-9. Raritv-6. AU-58 (NGC). This is a very rare Territorial issue, a fact that we can easily understand if we

remember two facts. First, the original mintage of the 1852/1 Humbert $20 is a mere 7,500 pieces, all of which were struck in a single day sometime
between March 5 and April 2 of that year. Second, this issue suffered a heavy rate of attrition during the California Gold Rush era, and few examples have
survived even in well-worn condition.

An obviously important coin, this near-Minr example has come down to us through the years with only light wear over the highpoints and a bit of trivial
friction in the obverse field. The overall definition is very sharp for a privately issued gold coin from the 1850s, this despite the fact that the obverse shield
11 oft! mpt ssed. [ T isingly original color in olive-gold and copper-gold shades.

Page 136

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The April 2008 Chicago Rarities Sale • Session One

Lovely BU 1852
U.S. Assay Office $10 Gold

714 1852 United States Assay Office of Gold. $10 Gold. K-12. Rar-
ity-7+. 884 THOUS. MS-61 (PCGS). Struck by the U.S. Assay Of¬
fice of Gold under Curtis, Perry & Ward—the predecessor to the United
States Mint in San Francisco, California—this is very rare die variety
with the O in OFFICE under the I in UNITED. Also a conditionally
rare survivor of the issue as a whole, both sides are free of wear with full,
pleasingly vibrant, satin-textured luster. The color is a handsome blend
of honey-gold and orange-gold shades, the latter dominating the outward
appearance at most angles. A sharp strike and noteworthy lack of indi¬
vidually mentionable abrasions round out an extensive list of positive at¬
tributes.

PCGS# 10001.

1853 U.S. Assay Office
$20 Gold

Kagin'18, 900 THOUS. Variety

715 1853 United States Assay Office of Gold. $20 Gold. K-18. Rar¬
ity-2. 900 THOUS. MS-62 (PCGS). A fairly plentiful type as far as
Territorial gold coinage goes, the 1853 Assay Office $20 struck to the
900 THOUS fineness standard is still a rare issue from a market avail¬
ability standpoint. This is particularly true of Mint State survivors such
as this pleasing BU example. Both sides possess sharp striking detail to
all elements of the design—easily one of the coins more appealing attrib¬
utes. We are also pleased to write that the color has an original “look” that
blends olive-khaki and lighter, orange-gold shades. Finally, there are no
distracting abrasions and the overall appearance is actually quite smooth.
The only significant detraction, and it does little more than help to define
the MS-62 grade, is slight muting to the luster. Still a highly desirable ex¬
ample, and a coin that is sure to have no difficulty finding its way into
an advanced numismatic holding.

PCGS# 10013.

Original, PQ 1853 900 THOUS
U.S. Assay Office $20 Gold

716 1853 United States Assay Office of Gold. $20 Gold. K-18. Rar¬
ity-2. 900 THOUS. AU-55 (PCGS). Attractively original, both sides
are drenched in rich orange-gold color that accents partially lustrous sur¬
faces. Actually, this coin is predominandy frosty in texture despite having
seen light circulation. Well defined with only a few scattered abrasions
and a short planchet streak (as struck) on the reverse that is well concealed
in the letters of the word OFFICE. The PCGS holder is an older variant
with a green insert.

A popular issue for Territorial gold type purposes, the 1853 Assay
Office $20 was struck to the extent of 2.5 million coins from March-

_^October of 1853. This is substantial delivery by the standards of the era,

and it apparendy required 30 different dies.

PCGS# 10013.

Elusive 1853 U.S. Assay Office
$20 Gold Struck
Using Moffat & Co. Dies

717 1853 United States Assay Office of Gold—Moffat. $20 Gold. K-
19. Rarity-5+. AU-55 (PCGS). This intriguing type was struck by the
United States Assay Office of Gold afier]ohn Litde Moffat’s retirement.
The new principals Curtis, Perry and Ward were still allowed to use the
Moffat & Co. name on coins that they struck, however, and they duly
took advantage of this fact in 1853 by producing this $20 Gold variety.

A very scarce, if not downright rare type, the present example exhibits
warm, even, yellow-gold color to both sides. Light highpoint rub is
noted, as is some friction in the fields, but blushes of original luster still
peer from the protected areas around the peripheral features. Suitably
bold in definition, particularly over the central devices, with no more
than the expected number of scattered abrasions for a lightly circulated
gold coin produced during the early years of Gold Rush California.

PCGS Population: only 7; with a mere three finer, just one of which is Mint State.

PCGS# 10255.

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Page 137

The April 2008 Chicago Rarities Sam * Session One

BU 1860 Clark, Gruber & Co.
Two-and-a-Half

718 1860 Clark, Gruber & Co. $2.50 Gold. K-l. Rarity-4. MS-61
(PCGS). This is a solid Mint State example of the first-year Clark, (iru-
ber & Co. Quarter Eagle. Both sides exhibit dominant green-gold color,
the surfaces also revealing the lightest coppery iridescence in isolated areas
at the rims. Lightly struck in the centers, this feature is anything but rare
for a Territorial gold coin issued by any private minting firm. In fact.
Liberty’s portrait is sufficiently bold by the standards of the type, and
only the reverse eagle displays what we would classify as mentionable
lack of detail. Predominantly smooth with only a few moderate abrasions
in the upper-reverse field, an overall lackluster appearance seems to be the
primary reason why this piece did not secure a higher Mint State rating.
Conditionally rare, nonetheless, and sure to have no difficulty finding its
way into an advanced collection ofTerritorial gold.

Beautiful, Fully Original
1860 Clark, Gruber & Co.
Five-Dollar Gold Coin

719 1860 Clark, Gruber & Co. $5 Gold. K-2. Raritv-4. MS-62
(NGC). CAC. Richly original surfaces are bathed in predominantly
khaki-gold color. We do, however, note an equally original, olive-gold
sheen when the coin dips into a light. The delineation to the devices is
among the sharpest that we have ever seen in an example of the issue, and
it is equally impressive over Liberty’s portrait on the obverse and the re-
vt-.jc eagle. Modestly, yet appreciable semi-prooflike in finish, with un
commonly smooth-looking surfaces for a Territorial gold coin at the BU
grade level. Worthy of a premium bid!

PCGS# 10136.

720 1860 Clark, Gruber & Co. $5 Gold. K-2. Rarity-4. AU-50 I
(NGC). The central highpoints were lightly touched by the dies, and I
considerable softness of detail is present through the center of Liberty’s I
portrait and the reverse eagle. On the other hand, there is little to report 1
in the way of actual wear, and noteworthy abrasions are confined to a I
quartet of moderate grazes at the upper-obverse border and on the reverse 1
over and behind the back of the eagle’s head. Otherwise relatively smooth 1
for a lightly circulated Territorial gold coin of any type, with pleasing 1
olive-gold color to the surfaces.

PCGS# 10136.

721 1860 Clark, Gruber & Co. $10 Gold. K-3. Rarity-5. AU De¬

tails—Scratched, Improperly Cleaned (NCS). With a sharply exe¬
cuted strike and no more than light wear to the highpoints, this coin is
sure to have no difficulty finding its way into a specialized collection of
Territorial gold. The color is a fairly pleasing blend of medium-gold and
sandy-gold colors that also helps out a bit in the eye appeal category. Im¬
pairments are noted, however, and they include a smattering of wispy
pinscratches in the obverse field and a dull, muted sheen to both sides.

PCGS# 10137.

722 1861 Clark, Gruber & Co. $2.50 Gold. K-5. Rarity-4. AU-58

(NGC). A very appealing example for the grade, both sides are overall
smooth with ample remnants of a satin-to-softly frosted finish. The color
blends olive-gold and orange-gold shades that further enhance the desir¬
ability,. In fact, there is only one significant detraction, and that is blunt
striking detail in the centers. Bidders must remember, however, that ex¬
amples of the Kagin-5 variety always display this manner of striking in¬
completeness over Liberty’s portrait and the reverse eagle.

PCGS# 10139.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

723 1861 Clark, Gruber & Co. $5 Copper Die Trial Striking. K-lOc (?).

Rarity-7. VF-30 BN (NGC). We are uncertain as to whether this coin
is an example of the Kagin-1 Ob or Kagin-10c variety. The former has a plain
edge, while the latter has a reeded edge. The NGC holder, however, does not
allow us to examine the edge, and the insert does not denote whether it is
plain or reeded. Since the plain edge pieces were struck without a collar and
are often off center, however, this well-centered example is probably a reeded
edge piece.

Even copper-brown patina blankets surfaces that are moderately, yet
evenly worn. There is good definition to the major devices, the only ones
that are missing being the first few letters in the word PIKES on Liberty’s
coronet. Although extremely rare in an absolute sense, the off-metal strik-
ings of the various Clark, Gruber & Co. coins are the most frequently en¬
countered die trials in the Territorial gold series.

PCGS# 10154.

724 1861 Clark, Gruber & Co. $20 Copper Die Trial. K-12c. Rarity-

6. Reeded Edge. VF-20 (PCGS). A copper die trial of the regular-
issue Kagin-8 variety, this reeded edge piece acquired about 40 points of
wear that we attribute to its use as a pocket piece. This is only speculation,
of course, and the remote possibility exists that this piece may have car¬
ried some monetary value in Colorado during the coinage-starved years
of the Gold Rush. Further support for the pocket piece theory, however,
comes from the presence of graffiti in the obverse field between stars 6-

7, a couple of the pinscratches seeming to form an upside-down letter A.
Additional abrasions are seen in the obverse field before Liberty’s throat
and at star 10. The reverse is quite smooth, however, and both sides dis¬
play original copper-brown patina with a few intermingled blushes of
copper-red tinting. Although well worn, the major design elements retain
at least outline definition, and there is even some bolder detail remaining
in the more protected areas of the design. Important for inclusion in an
advanced collection ofTerritorial gold, this piece is mounted in an older
PCGS holder with a green insert.

PCGS# 10153.

California Small
Denomination Gold

725 1853 Octagonal 50 Cents. BG-302. Rarity-4- Liberty Head. AU-
58 (PCGS). A popular type, the reverse features an eagle perched atop
an arrow with a glory of rays behind. The combination of eagle and rays
is the genesis for the nickname “Peacock Type” that the late Art Kagin as¬
cribed to this variety.

BG-302 is typically offered with at least some degree of wear, which
suggests that the issue actually circulated during the California Gold
Rush era. Indeed, the present example possesses light rub to the high-
points, although the overall definition remains suitably bold for a Cali¬
fornia Small Denomination gold coin. Both sides possess dominant
—\olive-gold color, the obverse also splashed with motded pale-red and tan-
lavender overtones.

PCGS# 10422.

From Superiors Elite Coin Auction, January 2008, lot 673.

726 1871 Octagonal 25 Cents. BG-765. Rarity-3. Liberty Head. AU-
53 (PCGS). Warm honey-gold color envelops lightly worn surfaces.
Flickers of a semi-prooflike finish are still discernible here and there in the
fields, but only with the aid of direct light. None of the wispy abrasions
are worthy of singular mention, but the PCGS holder is perhaps note¬
worthy as an older variant with a green insert.

PCGS# 10592.

From Superior’s Elite Coin Auction, January 2008, lot 671.

727 1871 Round 50 Cents. BG-1026. Rarity-4- Liberty Head. AU-
55 (PCGS). This lightly circulated survivor is housed in an older PCGS
holder with a green insert. The surfaces possess original color that alter¬
nates between green-gold and orange-gold shades depending on the angle
of light incidence. Well struck over the central design elements, and free
of individually mentionable abrasions.

PCGS# 10855.

From Superiors Elite Coin Auction, January 2008, ht 674.

Pattern Coins

728 1858 Pattern Flying Eagle Cent. Judd-203, Pollock-247. Rarity-
3. Proof-64 Cameo (NGC). A small eagle flies to the left on the ob¬
verse. The legend UNITED STATES OF AMERICA is above and the
date 1858 is below. On the reverse, a wreath of oak leaves encircles the
denomination ONE CENT. A bundle of arrows and an olive sprig are
bound at the base of the wreath. Struck in copper-nickel with a plain
edge. Pleasing honey-tan color graces both sides of this fully struck spec¬
imen. The cameo finish is undeniable, particularly when the coin is
dipped into a light.

Combined PCGS and NGC Population: just 4 in all grades with a Cameo designation.

PCGS# 11869.

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Page 139

TheAprii 2008 Chicago Rarities Sale • Session One

729 1868 Pattern Cent. Judd-608, Pollock-673. Rarity-4. Proof-66
Cameo (NGC). The design is very similar to that used on regular-issue
1868 Three-Cent Nickels although, of course, the denomination is ex¬
pressed as a Roman numeral I in the center of the reverse. Additionally,
the leaves in the laurel wreath are not as closely bundled. Struck in nickel
with a plain edge. Untoned on the obverse, a bit of delicate silvery tinting
is noted for the reverse. A fully struck, well-contrasted specimen with a
pleasing appearance.

PCGS# 60820.

730 1868 Pattern Dime. Judd-641, Pollock-713. Rarity-7-. Proof-65
(NGC). CAC. The obverse design is similar to that used to strike reg¬
ular-issue 1868 Seated Dimes, although there is no date in the field below
Liberty’s rock. The reverse is also similar to the regular-issue type, but
the wreath of cereals encloses not only the denomination ONE DIME,
but also a six-pointed star and the date 1868. Struck in nickel with a
reeded edge. Fully impressed with a uniformly brilliant finish, this coin
is free of all but the lightest silvery timing. Scattered die polish lines and
rollermarks in the obverse field are as struck.

731 1869 Pattern Dime. Judd-717, Pollock-797. Rarity-7-. Proof-64

RD (PCGS). The obverse design is nearly the same as that which the
Mint used to strike regular-issue 1869 Seated Dimes, but there is no date
at the lower border. The reverse exhibits the inscription SIL. / NIC . /
C .'OP with the date 1869 is exergue below. Struck in copper with a reeded
edge. Finest known lor the variety, this beautiful near-Gem is the only ex
ample of Judd-717 to have received a Red color designation from the
major certification services. Otherwise fire-red color yields to blushes of
equally attractive, silvery tinting in the centers. Fully struck, and a Gem
were it not for a few wispy, barely perceptible hairlines on the reverse.
Lovely!

Combined PCGS and NGC Population: just tin all grades with an RD color designation.

732 1870 Pattern Quarter. Judd-894, Pollock-1001. Rarity-5. Proof-

66 (NGC). Standard silver design with a right-facing bust of Liberty on I
the obverse. Liberty is wearing a diadem inscribed LIBERTY, and her I
hair is tied in a bun. The legend UNITED STATES OF AMERICA is
along the upper border and the motto IN GOD WE TRUST in on a I
scroll below. On the reverse, the denomination 25 CENTS is within a
wreath of corn and cotton, the word STANDARD above. Struck in silver I
with a reeded edge. Steel-silver iridescence to both sides, motded splashes j
of lavender-gray patina are also noted for the obverse. Uniform mint bril- j
liance shines through forcefully.

PCGS# 61138.

Important 1879 Judd-1588
Pattern Morgan Dime

733 1879 Pattern Morgan Dime. Judd-1588, Pollock-1781. Rarity-

6+. Proof-64 (PCGS). A head of Libetv feces left on the obverse, the
portrait very similar to that used to strike regular-issue Morgan Silver
Dollars from 1878 through 1921. The legend UNITED STATES OF
AMERICA is around the border and the date 1879 is below. On the re¬
verse, the denomination ONE DIME, Latin mono E PLURIBUS
UNUM and an arc of 13 stars are inscribed within a circle of dots. Out¬
side the circle is a wreath of laurel leaves and berries. Struck in silver with
a reeded edge. The importance of this enchanting panern type is its close
association with the extremely popular Morgan Dollar. A beautiful spec¬
imen, both sides display watery reflectivity beneath an overlay of mostly
olive-apricot iridescence. Direct angles also reveal a blush of cobalt-blue
tinting at the right-reverse border, but not even close inspection betrays
a noteworthy blemish. Sharply struck and beautiful.

PCGS Population: just 7 in all grades.

PCGS# 61965.

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Page 141

The April 2008 Chicago Rarities Sale » Session One

Legendary Pattern 1879

The Eliasberg Specimen—The Finest of Only

734 1879 Pattern Metric Double Eagle, or Quintuple
Stella. Judd-1643, Pollock-1843. Rarity-7+.
Proof-64 Cameo (NGC). The obverse features a left¬
facing bust of Liberty that is similar to that which the
Mint used to strike regular-issue 1879 Liberty Double
Eagles. The date 1879 is below. Around the border is
an expression of the composition * 30 * G * 1.5 * S *
35*C*35*G*R*A*M*S*. The inscription is
actually punctuated incorrecdy, and the first 35 should
actually read 3.5. The reverse design is also similar to
that of the regular-issue Type III Liberty Double Eagle,
but the motto DEO EST GLORIA has replaced IN
GOD WE TRUST in the circle of stars over the eagles
head. Struck in gold with a reeded edge.

An extension of the Four-Dollar gold project pro¬
posed by U.S. Minister to Austria John Adam Kasson,
the Quintuple Stella was intended to facilitate the ac¬
ceptance of the United States’ largest regular-issue gold
coin in the avenues of foreign trade. By producing the
coin in a metric gold alloy that also included some sil¬
ver, it seems likely that the federal government also in¬
tended the coin to help lessen some of the rivalry
between proponents of these two precious metals—a
rivalry that dominated domestic politics in this coun¬
try during the late 19th century until culminating in
William Jennings Bryant’s delivery of his famous

“Cross of Gold’’ speech in 1896.

In the end, however, Congress decided that al¬
though the project had merit, the Quintuple Stella
would not be produced in quantity as a regular-issue
coin of the United States Mint. The decision was prob¬
ably made with the knowledge that the standard Dou¬
ble Eagle had long been willingly accepted overseas and
really did not require a metric-alloy replacement. The
surviving patterns, therefore, are the only examples of
this intriguing type available to today’s advanced nu¬
mismatic buyers.

Only five examples of the Judd-1643 Quintuple
Stella struck in gold are known to exist. The list of
specimens (with some obvious omissions due to the
record being incomplete) in ascending order of quality
reads:

1. Ex: U.S. Mint; Dr. William Wheeler Hubbell;
John W. Haseltine sale’s of November 1881,
lot 1490; H.P. Smith’s sale of the Hebbeard
Collection, April 1883, lot 458; H.P. Smith’s

Page 142

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

950; Stack’s; Numismatic Collection in the
Smithsonian Institution. This piece is no longer
obtainable for private ownership.

4. Ex: Virgil M. Brand; B. Max Mehl’s sale of the
Olsen Collection, November 1944, lot 624;
Wilkison Collection; Paramount; A-Mark;
New England Rare Coin Galleries’ sale of April
1980, lot 391; Stack’s sale of October 2000,
lot 1626.

5. Ex: H.P. Smith; John Story Jenks; Elmer Sears;
J.M. Clapp; Clapp Estate; Louis E. Eliasberg,
Sr.; Bowers and Merena’s sale of the Louis E.
Eliasberg, Sr. Collection, May 1996, lot 313.
The present example.

Lovely orange-gold color blankets both sides, the
surfaces revealing some faint, intermingled, reddish-
copper tinting here and there toward the rims. Fully
struck and satiny, the devices contrast nicely with more
reflective-finish fields. While there are some scattered
hairlines, it is a series of tiny alloy spots on the reverse
around many of the letters in the denomination
TWENTY DOLLARS that helped us trace this coin’s
pedigree. One of the most important patterns that we
have ever handled, this piece belongs in the finest nu¬
mismatic holding.

PCGS# 62022.

sale of the Dr. Edward Maris Collection, June
1886, lot 230; Garrett Collection; Bowers and
Ruddy’s sale of the Garrett Collection for the
Johns Hopkins University, March 1980, lot
1097; Superior’s sale of the Ed Trompeter Col¬
lection, January 1989, lot 4026; Heritage’s sale
of the Jones Beach Collection, January 2007, lot
1594.

2. Ex: Virgil M. Brand; Amon G. Carter, Sr. &
Jr.; Stacks sale of the Amon G. Carter, Jr. Fam¬
ily Collection, January 1984, lot 635; Supe¬
rior’s sale of the Ed Trompeter Collection,
February 1992, lot 138; Heritage Rare Coin
Galleries, February 1999.

3. Ex: Virgil M. Brand; Numismatic Gallery’s sale
of the Adolphe Menjou Collection, March
1948, lot 1813; King Farouk of Egypt;
Sotheby’s sale of the Palace Collection, Febru¬
ary 1954, lot 294; 1958 ANA Sale, lot 1676;
Stack’s session of Auction ‘79, July 1979, lot

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Page 143

The April 2008 Chicago Rarities Sai l • Session Onf

Gold Dollars

Condition Census
1849-C Gold Dollar

Closed Wreath

735 1849-C Closed Wreath. Winter 2-B. MS-62 (PCGS). Given the

extreme rarity of the 1849-C Open Wreath, the Closed Wreath is the
only readily collectible hub variety of the 1849-C Gold Dollar. This is not
to imply that the ‘49-C Closed Wreath is a plentiful coin in any sense,
for it most certainly is not. Tied with the 1855-C as the fourth-rarest of
the nine C-mint Gold Dollar issues, the ‘49-C Closed Wreath is typically
encountered in VF, EF or, at best, low-end AU grades. Solidly graded
Mint State coins at and above the MS-62 level are in the Condition Cen¬
sus.

Like most high-grade survivors of this issue, the present example is
fully prooflike in finish on the obverse. What is amazing, however, is that
the reverse also has a decidedly prooflike finish. Both side also possess
otherwise bold striking detail that wanes a bit in the centers. Green-gold
color dominates the outward appearance at indirect angles, while a good
light source calls forth more of a yellow-gold cast that is a bit deeper at
the denticles than it is toward the centers. Scufly surfaces confirm the
validity of the assigned grade, but we stress that there really are no indi¬
vidually conspicuous abrasions.

PCGS Population: only 4; with a mere five finer, all of which grade MS-63

Low-Mintage

1850-C Gold Dollar Rarity

Condition Census

736 1850-C Winter 3-C, the only known dies. MS-62 (PCGS). With
a paltry original mintage of 6,966 pieces, the 1850-C is the rarest Type
1 Gold Dollar from the Charlotte Mint. (This statement discounts the
noncollectible 1849-C Open Wreath.) In an absolute sense, in feet, the
1850-C is actually the rarest C-mint Gold Dollar of any type after only
the 1859-C. In the book Gold Coins of the Charlotte Mint: 1838-1861,
Doug Winter accounts for just 90-100 survivors at all levels of preserva¬
tion. Precious few of those pieces are Mint State, and some of the “coins"
listed at PCGS and NGC (see the MS-61 tier on the NGC Census, for
example) are almost certainly resubmissions of the same piece(s) in the
hope of securing an even higher grade.

Strictly Mint State, this BU example exudes the strongest eye appeal
that this cataloger has seen on a ‘50-C Gold Dollar in quite some time.
Blended khaki-gold and orange-gold colors compete for dominance as
the coin rotates under a light, and they provide a picture of originality.
The strike is impressively sharp, and not even the central highpoints are
marred by bothersome lack of detail. There are also no particularly wor¬
risome abrasions, and a small distraction in the reverse field before the 1
in the denomination is mentioned solely as a pedigree marker. Condition
Census, and worthy of serious bidder consideration, as such.

PCGS Population: just 3; with a lone MS-63 finer.

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The April 2008 Chicago Rarities Sale • Session One

PQ 1852-C Gold Dollar
in NGC MS-63

737 1852-C Winter 7-H. MS-63 (NGC). CAC. Lovely orange-gold
color greets the viewer on both sides of this frosty C-mint Gold Dollar.
There are also some equally pleasing, green-gold undertones to the sur¬
faces, and a slightly granular texture to the luster is consistent with the
striking characteristics of this issue. This coin is overall boldly struck, al¬
though some softness of detail is confined to the centers over most of
the letters in the word DOLLAR on the reverse as well as the highpoints
of Liberty’s hair on the obverse. We stress, however, that much of the
lack of detail on the reverse is due to the adhesion of some sort of foreign
matter to the die. There are no particularly worrisome abrasions—a fact
that certainly helps to explain the premium-quality assessment from
CAC.

The 1852-C is actually the second most plentiful Gold Dollar struck
in the Charlotte Mint. On the other hand, an extant population of just
145-155 pieces from a limited mintage of9,434 coins confirms the rarity
of this issue when viewed in the wider context of the numismatic market.
This Choice Mint State example is far finer than the typically encoun¬
tered EF or AU survivor, and it belongs in an advanced collection of
Southern gold.

NGC Census: 8; 13 finer. These totals almost certainly include resubmissions of one or more coins.

PCGS#7518.

738 1853 MS-65 (PCGS). Richly endowed with billowy, frosty-textured
luster, this coin also possesses pinpoint striking detail and beautiful or¬
ange-gold color. What one will not see on either side, however, are grade-
limiting abrasions. Given the relative commonness of the 1853 among
Type I Gold Dollars, we suspect that this attractive piece will see spirited
bidding among Gem-quality type collectors.

PCGS# 7521.

739 1853-C Winter 8-1. MS-62 (PCGS). Green-gold undertones and

yellow-gold overtones compete for dominance as the coin rotates under
a light. This is a satiny example whose surfaces may be a bit scuffy, but
they do not have much to report in the way of individually conspicuous
abrasions. With a generally bold strike, this is a pleasing BU representa¬
tive of the Charlotte Mint’s contribution to the Type I Gold Dollar series
of 1849-1854.

PCGS Population: 10; 3 finer.

PCGS# 7522.

740 1853-0 MS-63 (PCGS). The 1853-0 is the “type coin” from the New
Orleans Mint Gold Dollar series, and it is more obtainable than the
1849-0, 1850-0, 1851-0, 1852-0 and 1855-0. With 290,000 pieces
produced, however, the 1853-0 is still a scarce issue when viewed in the
wider context of the numismatic market. Mint State coins are very scarce,
particularly when Choice.

A richly original example, both sides of this coin reveal olive-gold
undertones beneath dominant orange-gold and rose-gold colors. The
overall strike is pleasingly sharp, this despite the fact that the haircurls
over Liberty’s brow are a bit softly impressed. Satiny in sheen and free of
individually mentionable abrasions, this piece would fit nicely into either
a specialized collection of Southern gold or a mintmarked type set.

PCGS# 7524.

741 1854-D Winter 6-H, the only known dies. AU-58 (PCGS). A lim¬

ited mintage of 2,935 pieces and heavy circulation explain the rarity of
the ‘54-D in today’s market. Only 85-95 coins are believed to have sur¬
vived in all grades, and the vast majority of those pieces fall into the VF-
EF grade range. An impressive near-Mint representative, this coin is very
sharply struck with satiny, almost matte-like surfaces. The color is a some¬
what subdued shade of rose-gold, but it is still aesthetically pleasing, and
there is an uncommon lack of noteworthy abrasions to the surfaces. For
the grade, this is a handsome example of a leading rarity in the D-mint
Gold Dollar series. Clashmarks (as struck) from the reverse wreath are ev¬
ident in the obverse field around Liberty’s portrait.

PCGS Population: 7; 10 finer.

PCGS# 7526.

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The April 2008 Chicago Rarities Sau • Session One

742 1856-S MS-61 (NGC). A must-have coin for the mintmarked type

collector, the 1856-S is the only San Francisco Mint issue in the Type II
Gold Dollar series. That the ‘56-S is also an underrated rarity in all grades
cannot be overstated, and the issue is only just now starting to garner
the respect that it deserves in wider numismatic circles.

This BU example possesses uncommonly sharp striking detail for a
Type II Gold Dollar, and even the central devices are well defined. The
luster is full, vibrant and satiny in texture, and the color is an extremely
light, yet still very pleasing shade of rose-gold. Wispy abrasions confirm
validity of the MS-61 grade, but none are large in size or singularly dis¬
tracting.

PCGS# 7536.

743 1857-D Winter 9-L, the only known dies. AU-58 (PCGS). Mostly

olive-gold in color, this piece does reveal some warmer medium-gold
overtones when the surfaces dip into a light. The strike is pleasingly sharp
throughout the obverse but, while the D mintmark is crisply detailed, the
reverse definition is noticeably soft toward the upper border. Satiny in
sheen with no individually mentionable abrasions, this is still a highly de¬
sirable, near-Mint representative of an underrated issue in the Dahlonega
Mint Gold Dollar series. The 1857-D is rarer than the 1858-D and
1859-D, although this fact is not widely recognized in many numismatic
circles.

PCGS# 7546.

Choice Unc 1858-D Gold Dollar

744 1858-D Winter 10-M, the only known dies. MS-63 (NGC). In

the 2003 edition of Gold Coins of the Dahlonega Mint: 1838-1861, Doug
Winter writes of this issue:

The 1858-D is one of the more available Type Three gold dollars
from this mint. Enough higher grade examples exist that it is a good date
for the type collector seeking a single example of a Dahlonega Mint Type
Three gold dollar.

While we cannot argue with Winter on this point, these statements
hardly do justice to the coin that we are offering here. A very rare piece
from the standpoint of surface preservation, both sides are fully Mint
State with no wear and only light, wispy abrasions to preclude an even
higher grade. The luster quality is also significant in that it is full with a
fairly vibrant, satin-textured finish. The lower-left reverse wreath and the
top of Liberty s headdress on the obverse are a bit blundy impressed, but
the strike is impressively sharp elsewhere. Finally, we note an even overlay
of color that alternates between green-gold and orange-gold shades as
the surfaces rotate under a light. Solidly in the Condition Census, and
worthy of inclusion in an advanced numismatic holding, as such.

NGC Census: only 6: with a mere three finer.

PCGS# 7549.

745 1869 Proof-61 (PCGS). This originally preserved specimen alternates

between khaki-gold and light rose-gold colors depending on the angle of
light incidence. All angles, however, reveal an overlay of light haziness
that helps to define the Proof-61 designation. This feature is beneficial,
however, as it helps to prevent many of the wispy handling marks from
being readily evident to the naked eye. A small planchet flaw in the ob¬
verse field before Liberty’s eye is clearly seen, but we stress that it is an as-
made feature. Fully struck with appreciable field-to-device contrast, this
coin is mounted in an older PCGS holder with a green insert. The 1869
is a very rare Gold Dollar in proof format. Only 25 such pieces were pro¬
duced, and the surviving population is estimated at only 15 coins.

PCGS Population: just 7 in all grades.

PCGS# 7619.

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The April 2008 Chicago Rarities Sale • Session One

One of Only Two Proof-68
1887 Gold Dollars Known

NGC-Certified with a Cameo Finish

746 1887 Proof-68 Cameo (NGC). Tied for finest known, this breath¬
taking Superb Gem may be the NGC Proof-68 that Jeff Garrett and
Ron Guth mention on page 41 of the 2006 book Encyclopedia ofU.S.
Gold Coins: 1795-1933. Smooth, shimmering, mirror-finish fields are
void of even a single grade-limiting blemish. The devices are equally well
preserved, although they possess a decidedly satin texture that contrasts
with the fields in true cameo fashion. Evenly endowed with medium-
intensity, yellow-gold color, we can think of no better coin to represent
the proof Type III Gold Dollar series in a stellar-quality set.

NGC Census: only 2 in Proof-68 (regardless of finish); 0 finer. The other Proof-68 is also a Cameo. The
finest examples listed at PCGS are Proof-67s.

PCGS# 87637.

747 1887 Proof-63 Cameo (PCGS). CAC. A pleasing proof type candi¬
date from the later Gold Dollar series, this Choice 1887 is nicely con¬
trasted between satiny devices and mirror-finish fields. Fully struck with
warm, orange-gold color, the surfaces are largely free of individually men-
tionable blemishes, We do, however, note a thin reverse graze between the
numeral 1 and the word DOLLAR in the denomination.

PCGS# 87637.

Stunning 1888 Proof Gold Dollar

748 1888 Proof-65 Ultra Cameo (NGC). This year represents the sec-
ond-to-last in which the United States Mint struck proof Gold Dollars.
The 1888 was produced to the extent of 1,079 pieces—one of the more
generous totals of the type. Indeed, this issue is a preferred type candidate
among gold specialists, a fact that we attribute equally to the relative
availability of examples in the market and the high technical quality with
which the issue was produced.

Satiny in sheen with full striking detail, the devices appear to float
atop illimitable depth of reflectivity in the fields. All areas are equally
void of significant blemishes, and the eye appeal is so strong that the
Proof-65 numeric grade does not seem to do full justice to the coins de¬
sirability. A rose-gold Gem that would grace any collection with its pres-

Combined PCGS and NGC Population: just 11 in all grades with a Deep or Ultra Cameo finish.

PCGS# 97638.

Quarter Eagles

Exceedingly Rare
1827 Quarter Eagle

749 1827 BD-1, HBCC-3025, the only known dies. Rarity-5. AU-58
(NGC). The final installment in the large Size Capped Head Left
Quarter Eagle series, the 1827 has an estimated mintage of 1,750-2,800
pieces. This is certainly a limited total, but we must admit that the ex¬
treme rarity of this issue in numismatic circles is due to the wholesale de¬
struction of the vast majority of coins struck. Today, a mere 45-55 pieces
are believed extant in all grades.

Bumping up against the Mint State threshold, this minimally worn
coin probably survived as part of the gold reserves of a contemporary bank.
Indeed, there is really no indication that this piece saw actual circulation
in the manner that we would envision such an action in todays society.
There are no sizeable abrasions or detracting rim nicks, and only a few
wispy handling marks are scattered about. Additionally, the wear is more
accurately described as light friction, probably from the coin having been
passed over a countertop in the bank a few too many times. Still retaining
overall bold definition, alternating green-gold and yellow-gold color is an¬
other positive attribute as far as the eye appeal is concerned.

PCGS# 7666.

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The April 2008 Chicago Rarities Sai.i * Session One

750 1836 Script 8. AU-50 (PCGS). This original-looking example is over¬

laid in rich orange-khaki color. With minimal wear and no outwardly no¬
ticeable abrasions, we wholeheartedly recommend this piece for
high-grade circulated type purposes.

PCGS# 7694.

751 1838 MS-61 (PCGS). Although not quite as rare as the 1837. the

1838 (just 47,030 pieces produced) is among the rarest P-mint issues in
the Classic Quarter Eagle series. Examples are much more difficult to
obtain than those of the first-year 1834, 1836 Script 8 and 1836 Block
8, and the 1838 is also a bit rarer than the 1835. Strictly Mint State, this
BU example is far finer than the typically encountered circulated survivor.
Both sides possess predominantly green-gold color with considerable or¬
ange-gold overtones that do, however, tend to dominate the outward ap¬
pearance at direct angles. Pleasingly sharp in strike, with satiny mint
luster that includes modest hints of reflectivity in the fields. Grade-lim¬
iting abrasions are considerable in number, but small in size and singu¬
larly inconspicuous.

PCGS# 7696.

752 1838 AU-53 (NGC). Sharply struck devices retain overall bold defi¬

nition despite the presence of some light highpoint rub. The color is
quire attractive, and it alternates between olive-gold and orange-gold
shades as the coin rotates under a light. Both sides are noticeably scuffy
from time spent in circulation, but most of the abrasions are singularly
inconspicuous.

PCGS# 7696.

Very Appealing Near-Mint
1839-C Classic Quarter Eagle

753 1839-C Winter 2-B. AU-58 (NGC). This is a very well-produced

coin by the standards of the Charlotte Mint, and Liberty’s portrait and
the reverse eagle display equally intricate definition. The obverse stars are
a bit bluntly impressed, but this feature is hardly distracting to the eye.
As well, there is very little to report in the way of light highpoint rub, and
the surfaces are also free of mentionable distractions. Warmly patinated
in orange-honey shades, with the strongest eye appeal that we have seen
in a near-Mint example of this issue in quite some time.

The 1839-C is an interesting issue. It is actually the most plentiful
Charlotte Mint Quarter Eagle after only the 1847-C Liberty, but it com¬
mands a hefty premium in the finer circulated and Mint State grades.
This seeming discrepancy is easy to explain, however, if we recall just one
simple fact. The 1839-C is the more obtainable of only two C-mint is¬
sues in the Classic Quarter Eagle series, which means that it is always in
demand for mintmarked type purposes.

PCGS# 7699.

754 1839-C Winter 3-C. Repunched Date. AU-58 (NGC). The scarcer

of the two major varieties of this important second-year Quarter Eagle
from the Charlotte Mint, the present lot offers a pleasing near-Mint rep¬
resentative. The color alternates between green-gold and yellow-gold
shades as the coin rotates under a light, but all angles readily reveal a
bright, satiny sheen to the surfaces. A bit of light scuffiness and some
mottled haziness are noted, but there are no singularly mentionable dis¬
tractions on either side. Well struck.

PCGS# 7699.

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The April 2008 Chicago Rarities Sale • Session One

755 1839-D Winter 1-B. AU-55 (NGC). The only Classic Quarter Eagle
struck in the Dahlonega Mint, the 1839-D is a must-have coin for the
mintmarked type collector. This is a satiny, orange-olive example with
only light wear to report. The central highpoints are a bit blunt, nonethe¬
less, but this feature is due to slight inadequacies with the strike. Wispy
abrasions are small in size, generally inconspicuous and not out of context
with the assigned grade.

Winter 1-B is the rarer of the two-known die marriages of the 1839-
D Quarter Eagle. Author Doug Winter (2003) estimates that only 5,500
pieces of the 13,674-piece mintage were struck from this reverse die.

PCGS# 7700.

756 1842-D Winter 3-F, the only known dies. AU-55 (NGC). A rare
issue with just 4,643 pieces produced, the 1842-D Quarter Eagle has an
extant population of just 75-85 coins at all levels of preservation. In this
regard it compares favorably with the 1841-D and 1852-D, all three of
which are among the more elusive Dahlonega Mint installments to the
Liberty series. Light sandy-gold color evenly blankets both sides of this
minimally circulated survivor. The strike is characteristically soft in and
around the central reverse, but it is appreciably sharper throughout the
obverse. A bit scuffy from time spent in circulation, yet free of individ¬
ually mentionable distractions.

PCGS# 7725.

757 1843-D Winter 4-F. Small D. MS-61 (NGC). Vibrant, satiny luster
and warm, medium-gold color are sure to endear this coin to the South¬
ern gold type collector. Also of note in this regard are a lack of wear and,
more significantly, overall freedom from singularly conspicuous abra¬
sions. Pleasingly sharp in strike. The 1843-D is the most frequently en¬
countered Dahlonega Mint Quarter Eagle, although it must still be
considered rare in Mint State when viewed in the wider context of U.S.
numismatics.

PCGS# 7730.

758 1845-D Winter 6-1, the only known dies. AU-58 (NGC). CAC.
Similar in rarity to both the 1839-D Classic and the 1844-D in an ab¬
solute sense, the 1845-D is actually the rarest issue of this trio in high
grades (read: AU and Mint State). One of perhaps just 28-32 coins
known in the various Mint State grades (this estimate per Doug Winter,
2003), this piece is bumping up against the Mint State threshold. Light
wear and a smattering of mostly small-size abrasions confirm that the
coin saw actual, however light circulation. The overall detail remains
bold, particularly for a near-Mint gold coin from the Dahlonega Mint,
and the eye appeal is very appealing with green-gold undertones that
brighten to a yellow-gold cast at direct angles.

PCGS# 7738.

759 1846-C Winter 7-F, the only known dies. AU-58 (NGC). Cer¬
tainly among the rarer C-mint Quarter Eagles, the 1846-C is a particu¬
larly important find in grades that approach the Mint State threshold.
This sandy-gold survivor has a bit of a rough texture to both sides, a fea¬
ture that we can attribute both to Mint-made granularity in the dies and
a smattering of light-to-moderate abrasions from time spent in circula¬
tion. The obverse detail still presents as relatively bold, nonetheless, but
the reverse is noticeably soft over the highpoints of the eagle.

PCGS# 7741.

760 1847-C Winter 8-F, the only known dies. AU-58 (NGC). Impor¬
tant for C-mint type purposes, this near-Mint Quarter Eagle is overall
sharply defined with pretty orange-gold color to the surfaces. A lack of
sizeable and/or singularly distracting abrasions is also a significant attrib¬
ute for a Southern gold coin that saw actual, however light circulation.

PCGS# 7745.

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Page 149

The April 2008 Chicago Rarities Sale • Session One

761

1848 CAL. AU-58 (PCGS). A landmark rarity in the Liberty Quarter Eagle series, the 1848 CAL. is also a historically significant issue
as the first true Commemorative coin struck in the United States Mint. The story of this issue begins with James Marshall’s discovery of gold
in California’s American River on January 24, 1848. At the end of that year (on December 9, to be exact), Colonel R. B. Mason, the military
governor of California, sent 230 ounces of the precious metal to Secretary of War William L. Marcy on the East Coast. Marcy, in turn, for¬
warded the bullion to the Philadelphia Mint where it was used to strike 1,369 1848-dated Liberty Quarter Eagles. To distinguish these coins
from the other 6,500 1848 < Quarter Eagles struck in the Philadelphia Mint, and also to commemorative Marshall’s important discovery, the
1,369 special examples were stamped with the abbreviation CAL. in the reverse field above the eagle while the coins were still in the die.

Listed in the 2005 book 100 Greatest l /..S'. Coins by Jeff (iarrett and Ron Guth, the 1848 CAL. Quarter Eagle has long held prominent
placement in the pantheon of numismatic rarities. Exactly how many examples have survived is a matter of debate, but we believe that only
85-100 coins are known in all grades A few of the higher-grade pieces are prooflike, which is the first significant physical attribute of the
present near Mint example. Both sides also possess handsome color that alternates between khaki-gold and orange-gold shades as the coin
rotates under a light. Mottled rose-gold tinting is also present here and there, most noticeably over and around the reverse eagle. Overall bold,
if not sharp in strike, the only pedigree marker of note is a thin obverse graze in the field before Liberty’s throat. Housed in an older PCGS
holder with a green insert, this lovely example would serve as a centerpiece in the finest numismatic holding.

762 1850-C Winter 1 2-H. AU-58 (NGC). An aesthetically pleasing representative, both sides are uncommonly smooth for a C-mint gold coin that saw actual,

however light circulation. While scattered abrasions are present, they are relatively few in number, and none are worthy of singular concern. A satiny sheen to
both sides includes very modest, yet still appreciable hints of brightness in the fields. Otherwise green-gold in color, the surfaces do warm to a medium-gold
sheen when the coin dips into a light. With fewer than 150 coins believed extant, the 1850-C is rarer than such other C-mint Quarter Eagles as the 1848-C
and 1858-C.

PCGS# 7756.

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The April 2008 Chicago Rarities Sale • Session One

763 1851-C Winter 13-G, the only known dies. AU-58 (NGC).
Splashes of coppery tinting are seen on both sides of this otherwise green¬
ish-gold Two-and-a-Half. The strike is sufficiently bold over the central
devices for a product of this Southern branch mint, and there really are
no individually mentionable distractions among the scattered abrasions.
A few interesting planchet voids in die lower-obverse field are as struck
The 1851-C (14,925 pieces produced) is similar in overall rarity to the
1840-C and 1860-C in terms of total number of coins believed extant.
PCGS# 7760.

Condition Census
1852-D Liberty Quarter Eagle

764 1852-D Winter 15-M, the only known dies. MS-62 (NGC).
The first year of drastically reduced Quarter Eagle production in the
Dahlonega Mint, the 1852-D has an original mintage of just 4,078
pieces. Writing in 2003 (Gold Coins of the Dahlonega Mint: 1838-
1861, Second Edition ), Douglas Winter accounts for just 75-85 sur¬
vivors at all levels of preservation. The author further opines that the
majority of those coins grade no higher than EF-40. Using these assess¬
ments, Winter ranks the 1852-D as the fifth-rarest Dahlonega Mint
Quarter Eagle in an absolute sense and the seventh rarest in high grades
(AU and Mint State). It is rarer at all levels of preservation than such
other issues in this series as the 1851-D, 1853-D and 1857-D.

This BU example is apparendy a newcomer to the Condition Cen¬
sus, but it is Condition Census nonetheless. Really a pleasing coin,
both sides exhibit bright yellow-gold color and satiny mint bloom that
includes extremely modest, yet still appreciable reflective tendencies
in the fields. The strike is overall sharp and quite impressive by
Dahlonega Mint standards, and there are no individually conspicuous
abrasions. A definite find for the advanced Southern gold specialist.

G>mbined PCGS and NGC Population: only 6; 5 finer. Both of these totals are probably swelled
somewhat by resubmissions.

PCGS# 7765.

produced using the old reverse hub was first confirmed as a distinct va¬
riety in the 1990s. Although additional survivors have been confirmed
at a fairly steady rate since then, this variety remains scarce in today’s
market. Here’s a significant BU, otherwise orange-gold color revealing
only a minimal amount of haziness in and around the center of the ob¬
verse. There are few individually conspicuous abrasions in the context
of the assigned grade, and a sharply executed strike further enhances the
eye appeal. A very important Mint State survivor of a hub variety that is
typically encountered in circulated grades.

PCGS Population: only 8 in all Mint State grades from MS-61 through MS-64.

PCGS# 97791.

766 1860-C Winter 19-J, the only known dies. AU-55 (NGC). Olive-
gold color is a bit richer on the obverse, but it yields to a lighter, some¬
what rose-gold cast when both sides dip into a light. This coin is a bit
softly §truck over the central highpoints, but we stress that this feature is
not uncommon for examples of this issue. Furthermore, there is only
light wear to report, and most of the scattered abrasions are small in size
and singularly inconspicuous. A bit scuffy, yet still finer than the typically
encountered survivor in the VF to AU-50 grade range. The 1860-C is the
final Quarter Eagle struck in the Charlotte Mint, and it is similar in over¬
all rarity to the 1840-C and 1851-C.

PCGS# 7792.

767 1861 New Reverse. MS-63 (PCGS). A very nice Choice type can¬
didate from the early Liberty Quarter Eagle series, this 1861 is sharply
struck with pleasing satin luster. The color is mostly a blend of rose-gold
and light orange-gold shades, but indirect angles do reveal some deeply
set green-gold undertones. None of the scattered, grade-defining abra¬
sions are worthy of singular mention.

PCGS# 7794.

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Page 151

Thi Aprii 2008 Chi< \(,( > k.\Ri i n s sm i » Session Onf.

768 1867 AU-58 (NGC). An unsung rarity in the Liberty (Quarter Eagle

series, the 1867 has a business strike mintage of just 3,200 pieces. This
near-Mint example possesses less wear than the typically encountered
survivor, the surfaces retaining overall sharp definition and considerable
portions of a satin-to-semi-prooflike finish. Blended olive-gold and red¬
dish-copper colors provide a pleasing appearance, and they are helped in
this regard by a lack of individually distracting abrasions. An extremely
rare issue in all grades, this problem-free example would serve as a high¬
light of a specialized collection.

769 1872 AU-55 (PCGS). light rose-gold color blankets predominantly

lustrous, satin-textured surfaces. There is a little bit of light haziness on
both sides but, tar from being detracting, this feature helps to conceal a
smattering of wispy abrasions that the coin acquired in circulation. A
relatively sharp survivor of this scarce, low-mintage issue with just 3,000
business strikes produced.

770 1874 MS-60 (PCGS). After striking more than 150,000 coins in

1873, the Philadelphia Mint delivered just 3,920 Quarter Eagles in

1874. The latter issue is understandably scarce in all grades, and it is
quite rare even at the lowest reaches of Mint State. This pleasing BU is
mounted in a first-generation PCGS slab. Otherwise green-gold color
warms to an orange-gold shade when the coin dips into a light. Sharply
struck and not overly abraded in the context of the assigned grade, a
patch of haziness in the right-reverse field is noted for accuracy.

771 1887 MS-63 (PCGS). CAC. A scarce-to-rare coin in all Mint State

grades, the 1887 Quarter Eagle has an original mintage of just 6,160
business strikes. This pleasing Choice example is folly lustrous with vivid
reddish-gold color to both sides. Well struck over the focal features, with
no individually distracting abrasions.

PCGS Population: 16; 12 finer (MS-64 fine*).

PCGS# 7839.

772 1905 MS-65 (NGC). Smooth, Gem-quality surfaces are also praise¬

worthy in the luster category. The original mint finish is fully intact in
all areas, and it is pleasingly vibrant with a satin-to-softly frosted sheen.
A sharp strike and rich orange-gold color round out this coin’s extensive
list of positive attributes.

PCGS# 7857.

Rich-Looking 1908
Matte Proof Quarter Eagle

77 3 1908 Proof-67 (NGC). The premier issue in the proof Indian Quarter

Eagle series, the 1908 was ordered in significant numbers by the contem¬
porary public. It is now the most frequently encountered proof Two-
and-a-Half of this type, and it a favored issue among specimen type
collectors. We caution bidders, however, that the present example is ex¬
ceptionally well preserved, and it is in the minority among survivors, as
such. There is nary a distracting contact mark in sight, the surfaces
smooth and free of the grade-limiting “shiny spots" that often mar the
surfaces of lower-grade matte proof gold coins. Fully struck throughout,
with the handsome khaki-gold color and coarse-grain finish that char¬
acterizes this issue.

PCGS# 7957.

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The April 2008 Chicago Rarities Sale • Session One

Beautiful Roman Gold 1910 Proof Quarter Eagle

774 1910 Proof-67 (NGC). For an as-yet unknown reasons, the Philadelphia Mint produced an uncommonly large number of proof Indian Two-and-a-Halves

in 1910. In fact, a mintage of 682 pieces is the largest in the entire proof Quarter Eagle series. This is not a common issue in any regard, however, and it is
so elusive in today’s market that we have serious cause to doubt the veracity of the reported mintage. We can still justify this figure in light of the issues true
rarity, nevertheless, if we accept as fact that the majority of the mintage was melted in. the Mint as unsold.

Virtually all proof 1910 Quarter Eagles were produced using a revolutionary proofing technique that imparted a finish unlike that of most other proof
gold coins of this type. Borrowing from the mintmasters in Europe, the Philadelphia Mint produced these coins with the Roman Gold finish that combines
satin and semi-reflective qualities. The only other proof Quarter Eagle prepared in this style is the 1909, and survivors of both issues are much more vibrant
than the typically encountered matte, or sandblast piece from the other years of the proof Indian series.

Breathtakingly beautiful, this coin comes highly recommended for proof gold type purposes. Both sides possess even yellow-gold color and bright, scin¬
tillating surfaces. All elements of the design have been sharply defined from the dies, and there is not even a single distracting contact mark to limit either
the technical quality or the eye appeal. High in the Condition Census, and worthy of a strong bid in all regards.

NGC Census: just 12; with a lone Proof-68 finer. PCGS does not report a single specimen above the Proof-66 grade level.

PCGS# 7959.

A Second Proof 1910 Quarter Eagle

775 1910 Proof-66 (NGC). This bright, yellow-gold specimen shimmers with the distinct Roman Gold finish. We note a lovely interplay between satin and

semi-reflective qualities, the latter most readily evident when the coin dips into a light. Both sides are equally full in strike with nary a detracting blemish
to report.

The 1910 is one of the more frequently encountered proofs in the Indian Quarter Eagle series. That the issue is a major rarity in an absolute sense cannot
be denied, however, and we account for just 95-115 survivors in all grades. Additionally, the proof 1910 is rarer than the proof 1908 and proof 1911.

PCGS# 7959.

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The Aerie 2008 Chicago Rarities Sai i • Session One

776 1910 MS-64 (PCGS). Rarer than the 1908 and the 1925-1929 issues in the Indian Quarter Kagle series, the 1910 is equally as challenging to locate as the

1909 and 1912. This is a very appealing near-Gem with warm rose-gold color and a sharply executed strike. There are no outwardly distracting abrasions, but
some wispy handling marks on the reverse probably explain why this coin did not secure an even higher grade.

PCGS# 7941.

191 1-D MS-65 (PCGS). There are only three mintmarked issues in the entire Indian Quarter Eagle series of 1908-1929, and the 1911-
D is by far the rarest. With just 55,680 pieces produced, in fact, the 1911-D is also the leading rarity in this entire series when we consider
the total number of coins known in Mint State. Interestingly, the 1911-D is surpassed by the 1914-D in terms ofhigh-grade rarity, but it is
st.ii an extremely challenging coin to locate at and above the MS-65 grade level.

Writing in 2008, David W. Akers and Jeff Ambio account for just 60-70 Gem 1911-D Quarter Eagles in MS-65. This is certainly one
ol the most attractive examples of the issue available in today's market, displaying as it does vibrant mint luster and smooth, virtually pris¬
tine-looking surfaces. The u>lor is equally desirable on both sides but, whereas the obverse is orange-gold in cast, the reverse has a lighter,
rose-gold tinge. The strike is equally sharp in all areas, as befits the issue, and the all-important D mintmark is fully detailed. A no-questions
highlight of our extensive offerings of 20th century gold rarities in this sale.

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The April 2008 Chicago Rarities Sale • Session One

778 191 I'D MS-61 (NGC). Light rose-gold color greets the viewer on
both sides of this BU example. As with most ‘ 11 -D Two-and-a-Halves,
this piece displays sharp striking detail to both sides that includes a suit¬
ably well defined D mintmark. Satiny surfaces could be more vibrant in
the luster category but, while there are some wispy abrasions in evidence,
neither side is excessively scuffy for a gold coin at the lower reaches of
Mint State. The low-mintage, key-date status of the 1911-D Indian
Quarter Eagle virtually guarantees that any problem-free survivor will
see spirited bidding when offered through auction.

PCGS# 7943.

779 1911-D MS-60 (NGC). As befits the issue, the overall strike is pleas¬
ingly sharp. The D mintmark is a bit softly impressed, however, but it is
readily discernible even to the naked eye. Light-to-medium, khaki-gold
color warms to rose-gold shades when the coin dips into a light. With no
sizeable or otherwise individually distracting abrasions, this is a suitable
BU representative of the key-date issue in the Indian Quarter Eagle se¬
ries.

PCGS# 7943.

780 1911-D Weak D. AU-55 (NGC). Overall lightly worn, and a bit
scuffy, some wispy abrasions over the upper reverse are particularly worth
mentioning. Although not designated as such on the NGC insert, this
coin is also an example of the Weak D variety. On the positive side, both
sides possess relatively pleasing, khaki-orange color, and most other de¬
sign elements are sharply defined in the context of the Choice AU grade.

PCGS# 7943.

Sandblast Proof
1912 Quarter Eagle Rarity

Among the Finest Known

781 1912 Proof-67 (NGC). This is one of the rarest issues in the already

very rare proof Indian Quarter Eagle series of 1908-1915. For starters,
the Mint struck only 197 proofs in 1912, all of which display a fine-
grain matte, or sandblast finish to the surfaces. Additionally, the un¬
popularity of this proofing technique among the contemporary public
' severely restricted sales and led to many examples being melted in the
Mint. Today, only 50-65 coins are believed extant at all levels of preser¬
vation.

This otherwise honey-gold specimen reveals a decidedly orange-
gold cast when the surfaces dip into a light. Pinpoint striking detail
is noted throughout, but we are unable to locate even a single grade-
limiting contact mark. Condition Census, and seemingly earmarked
for inclusion in a specialized collection of proof 20th century gold.

NGC Census: only 8; and just two are finer in Proof-68.

PCGS# 7961.

782 1912 MS-64 (PCGS). Pleasing orange-gold surfaces are predominandy
smooth and nearly in the full Gem category. A lustrous example that would
do well in any high-grade set. The strike is otherwise sharp, but it does soften
a bit over the lowermost feathers in the Native Americans headdress.

PCGS# 7944.

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Thf. April. 2008 Chicago Rarities Sai l: • Session One

783 1912 MS-64 (PCGS). Billowy mint frost and light rose-gold color adorn

both sides of this lovely near-Gem. There are no individually mcntionable
abrasions, and the strike is well executed in all areas save for (typically for the
type) the lowermost feathers in the Native American’s headdress.

PCGS# 7944.

784 1913 MS-64 (NGC). CAC. Satin-to-softly frosted luster and rich,

medium-orange color provide exceptional eye appeal even for the MS-
64 grade level. This coin is also sharply struck, and a lack of even a single
distracting abrasion ensures that this coin is close to an MS-65 designa¬
tion, as reported by CAC.

PCGS# 7945.

785 1914 MS-63 (PCGS). Orange-gold in color with a nicely executed

strike, this lovely Choice Unc is mounted in an older PCGS holder with
a green insert. The surfaces have a satiny sheen that, were it a bit more
vibrant, might have propelled the coin into the MS-64 grading tier. After
the 1911 -D, the 1914 is the rarest Indian Quarter Eagle in terms of total
number of Mint State coins believed extant.

786 1914-D MS-64 (PCGS). A very appealing example of a scarcer Indian

Quarter Eagle, this ‘ 14-D is sharply struck throughout with a bold, well-
defined D mintmark on the reverse. Fully lustrous with a softly frosted,
if slightly granular texture, both sides are also bathed in warm rose-gold
color that further enhances the eye appeal. There are no individually
mentionable abrasions, as befits the near-Gem grade from PCGS.

PCGS# 7947.

787 1915 MS-65 (PCGS). The 1915 is one of the rarer P-mint Quarter Ea¬

gles in the Indian series, and it is more challenging to locate than the
1908, 1909 and the 1926-1929 issues. A conditionally scarce Gem, this
piece is very nicely preserved. Both side shimmer with full mint bloom,
the surfaces also adorned in attractive orange-gold and rose-gold shades.
Sharply struck and overall smooth, this coin comes highly recommended
for inclusion in a better-date type set.

PCGS# 7948.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Three-Dollar Gold Pieces

Rare, Key-Date 1854-D Three-Dollar Gold Piece

788 1854-D Winter 1-A, the only known dies. AU-58 (NGC). An extremely important and popular issue, the 1854-D is the only
Dahlonega Mint issue in the entire Three-Dollar gold series of 1854-1889. With just 1,120 pieces produced, the 1854-D is also a rare, key-
date issue not only among Three-Dollar gold pieces, but also in the entire U.S. gold-coin series. In the 2003 book Gold Coins of the Dahlonega
Mint: 1838-1861, Doug Winter accounts for just 100-125 survivors in all grades. Most of those pieces grade VF or EF, and even a low-end
AU is a conditionally rare coin.

With fewer than 10 different Uncirculated coins believed to exist (our estimate), this near-Mint example represents a significant buying
opportunity for the collector of high-grade Southern gold coinage. The color is a blend of khaki-gold and orange-gold shades. Remnants of
soft, satiny mint luster are readily evident as the surfaces rotate under a light, this despite light rub and a slightly scuffy appearance. We are
pleased to report, however, that neither side reveals any sizeable or individually distracting abrasions—an attribute that is seldom noted for
survivors of this issue. Overall sharply struck—another uncommon characteristic for the 1854-D Three—with no areas of bothersome lack
of detail in any area. This coin is a definite highlight of our gold offerings in this sale, and it is sure to see spirited bidding at auction.

PCGS# 7970.

789 1854-0 AU-55 (NGC). Otherwise green-gold surfaces assume more ofa medium-gold appearance when the coin dips into a light. There are also delicate
copper-russet highlights here and there, mostly in the protected areas around the reverse wreath. The obverse is rather well struck save for some softness of detail
to the words STATES OF in the legend. The reverse, however, is noticeably soft in the center over the letters in the word DOLLAR and the digits in the date.
We stress, however, that the quality of strike that this coin possesses is very similar to that displayed by the plate coin on page 80 of the 2006 book Gold Coins
of the New Orleans Mint: 1839-1909 by Doug Winter. Additionally, the present example has uncommonly sharp definition to the O mintmark, although this
coin was still struck from a later die state of the dies after they were relapped to efface dashmarks. A bit scuffy from time spent in circulation, yet largely free of
singularly conspicuous abrasions.

The 1854-0 is the only Three-Dollar gold issue struck in the New Orleans Mint. It is not as rare as the 1854-D, but examples are still elusive in all grades
and decidedly rare at or above the Choice AU level.

PCGS# 7971.

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The April 2008 Chicago Rarities Sai i • Session On e

790 1854-0 EF Details—Reverse Graffiti (NCS). A more affordable

representative of this important Southern gold issue, this ‘54-0 Three ex¬
hibits relatively pleasing color in a blend of orange-gold and olive-gold
shades. The strike is a bit light in the centers, but the O mintmark is
more boldly detailed that usually seen for the issue. The letter “R” has
been scratched into the field at the lower-right reverse border in cursive
script, thus explaining the impairment listed on the NCS insert, and the
surfaces also have somewhat of a glossy texture that seems to suggest a
cleaning.

PCGS# 7971.

791 1856-S AU-53 (NGC). Despite its status as the most frequently en¬

countered S-mint Three, the 1856-S is still a very scarce-to-rare issue
when viewed in the wider context of U.S. numismatics. Like most sur¬
vivors, the coin in this lot is circulated. On the other hand, the wear is
only light, and both sides retain overall bold definition and flickers of
original mint luster. Attractive orange-gold color is also noted, the sur¬
faces deepening a bit to honey-gold shades when the coin turns away
from a light. Wispy abrasions in the fields are noted, but the surfaces are
really not any more heavily marked that we would expea to see in a cir¬
culated S-mint gold coin from the 1850s.

792 lto7 AU-58 (PCGS). Much scarcer than the 1856, the 1857 has a
lower mintage of 20,891 business strikes. Even orange-gold color dom¬
inates the outward appearance on both sides of this minimally worn sur¬
vivor Plenty of frosty-to-semi-refleaive luster remains, and the devices
still present as sharp despite a trace of highpoint friction. While there are
no individually mentionable abrasions, we do feel compelled to note a bit
of light haziness in the centers. Fortunately, however, the latter feature is
not readily evident all angles.

793 1858 AU-53 (PCGS). Khaki-gold and orange-gold colors blend to¬

gether over both sides of this lightly circulated Three. Flickers of original
luster peer from the proteaed areas around the devices, but the surfaces
are otherwise quite scuffy due to scattered abrasions. Well detailed in the
context of the assigned grade. The 1858 is an underrated issue in this se¬
ries with just 2,133 business strikes produced. The vast majority of sur¬
vivors are worn to one degree or another.

PCGS# 7978.

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The April 2008 Chicago Rarities Sale • Session One

795 1869 MS-62 (PCGS). A very rare Three-Dollar gold issue, the 1869

was produced to the extent of just 2,500 business strikes. This issue was
not saved to the same extent as the low-mintage deliveries from the later
years of this series, and Bowers and Winter (2005) account for just 20-
30 Mint State survivors. An understandably important BU example, this
piece is free of wear - with generally bold definition to the devices. The sur¬
faces are moderately abraded with an overlay of light haziness, but more
direct angles allow good appreciation of pleasing orange-rose color and
a relatively vibrant, semi-prooflike finish. As well, the overtones lessen the
visual impact of grade-defining abrasions.

PCGS Population: 6; 8 finer.

PCGS# 7990.

796 1879 MS-64 (NGC). This issues proximity to the relatively common
1878 has no bearing on its availability in todays market. The 1879 is a
much rarer issue with just 3,000 business strikes produced. One of the
nicer Mint State survivors that we have handled in recent years, this near-
Gem shimmers with full, frosty mint luster and warm, medium-orange
color. Sharply struck throughout, and free of individually mentionable
abrasions, as one should expect for the assigned grade.

PCGS# 8001.

Ex: Princess Collection.

797 1881 AU-58 (NGC). CAC. When it comes to a low mintage, no
other business strike Three-Dollar gold piece surpasses the 1881. Only
500 coins were produced, and the estimate for both circulated and Mint
State survivors that Bowers and Winter (2005) provide is just 100-150
pieces. Very nearly Uncirculated, the present example is bright and pos¬
sessed of almost full mint bloom. The finish is decidedly semi-prooflike
in sheen, and it remains vibrant despite the presence of a bit of light rub
and some scattered abrasions. Overall sharply defined, and free of singu¬
larly conspicuous distractions.

PCGS# 8003.

Important 1885
Three-Dollar Gold Piece

798 1885 MS-64 (PCGS). The low-mintage, key-date status of the 1885
has long been recognized in numismatic circles. Even in the 1920s, deal¬
ers such as Thomas L. Elder has considerable respect for the 1885 Three-
Dollar gold piece. While the proofs command an added premium in
today’s market given the rarity of the years business strike delivery, the
former coins really are not all that much more challenging to locate than
most other proof Threes from the 1880s. The business strikes are another
matter entirely, particularly in Mint State.

The population of this issue at all levels of preservation is very limited
but, unlike most other later-date Threes, the 1885 is more likely to be en-
__ countered in circulated condition. In fact, Q. David Bowers and Doug
Winter (2005) account for just 75-100 Mint State survivors. For com¬
parative purposes, their estimate on the number of circulated coins extant
is 90-120 pieces.

A highly desirable near-Gem, this piece shimmers with a prooflike
finish beneath warm, even, orange-gold color. Pleasingly sharp in strike,
with no individually distracting abrasions, this coin comes highly rec¬
ommended for inclusion in an advanced collection of 19th century gold.
The PCGS holder is an older variant with a green insert.

PCGS Population: 28; 16 finer.

PCGS# 8007.

799 1885 AU-58 (NGC). CAC. An issue with instant numismatic appeal
at all levels of preservation, the 1885 Three has a paltry original mintage
of just 801 business strikes. This near-Mint survivor retains ample evi¬
dence of a semi-prooflike finish despite light rub and scattered abrasions
that cloud the fields a bit. There really are no individually mentionable
abrasions, however, and the color is a pleasing medium-gold shade that
deepens to coppery highlights in the protected areas around some of the
devices. Overall boldly defined, and worthy of a solid bid.

PCGS# 8007.

Ex: South Texas Collection.

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Page 159

Tin Aprii 2008 Chicago Rarities Sali • Session One

800 1 887 MS-6 3 (PCX iS). I Jnlike most other low- mintage issues from the

later years of theThree-Dollar gold series, the 1887 was not saved in sig¬
nificant numbers. Rather, most of the 6,000 business strikes produced
seem to have remained in the Mint. Those coins were eventually con¬
signed to the melting pot. With only 250-300 examples believed to have
survived in all grades, the 1887 is understandably elusive in today’s mar¬
ket.

Original orange-gold color blankets both sides and yields to more
deeply set, honey-gold undertones when the coin turns away from a di¬
rect light source. A modestly semi-prooflike finish is noted, as are overall
boldly impressed devices. What we do not see, however, are any abrasions
that are worthy of singular concern.

PCGS# 8009.

801 1889 MS-61 (NGC). I he final issue in the long defunct, 1 hree-I )ollar

gold series, the 1889 has an original business strike mintage of just 2,300
pieces. This pleasing BU is satiny in luster qualiry with only small, wispy
abrasions to help define the grade. Well struck throughout, with honey-
gold undertones and warmer, orange-gold highlights that arc best appre¬
ciated at direct light angles.

Half Eagles

Seldom-Offered
1799 Bust Right Five

802 1799 BD-6, HBCC-3064, Miller-36. Rarity-5. Small Stars Re¬

verse. MS-61 (NGC). This is an extremely rare issue in the Capped
Bust Right Half Eagle series. We can perhaps best illustrate just how
elusive the 1799 is by focusing on the BD-6 die marriage. This is ac¬
tually the most plentiful variety of the issue despite the feet that the
extant population in all grades is a mere 50-60 coins. Even renowned
early gold specialist Harry W. Bass, Jr. was only able to acquire a single
example of the 1799 BD-6 Half Eagle. By way of comparison, he
owned multiple representatives of many other early gold varieties, in¬
cluding the much more elusive 1799 BD-7 Five.

A nice, middle-of-the-road BU, this MS-61 is free of wear with
bold-to-sharp striking detail over all elements of the design. Otherwise
olive-khaki color is interrupted by perhaps the lightest coppery tinting
in the protected areas around the obverse periphery. That side also
reveals slightly stronger reflectivity in the fields when the coin dips
into a light. Finally, scattered abrasions are noted, but none are indi¬
vidually distracting to the eye. An attractive early Half Eagle for the
grade, and an important bidding opportunity for the better-date type
collector.

PCGS* 8081

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Bowers and Mf.rena Auctions

The April 2008 Chicago Rarities Sale • Session One

803 1800 BD-5, HBCC-Missing, Miller-44. Rarity-3+. AU-55
(PCGS). CAC. Avery appealing example for the grade, this minimally
circulated early Five would Fit comfortably into a gold type set. Both
sides exhibit warm green-gold color that warms to a softer, yellow-gold
shade when the coin dips into a light. With overall bold detail, a well-cen¬
tered strike and plenty of original luster still in evidence, the premium-
quality assessment from CAC seems fully justified in our minds. There
are also no sizeable or individually mentionable distractions among the
scattered abrasions.

PCGS# 8082.

Dramatic 1804 BD-7 Half Eagle

Small 8/Large 8 Variety

804 1804 BD-7, HBCC-3083, Miller-59. Rarity-4. Small 8 over Large
8. MS-61 (PCGS). There are seven die marriages known for the 1804
Half Eagle, three of which employ the visually impressive Small 8 Over
Large 8 obverse. Of these, BD-7 is the most frequendy encountered in
todays market, and the die pair probably struck 7,500-12,000 coins of
the 30,475-piece estimated mintage for Half Eagles bearing this date. It
is a sign of the heavy attrition that pre-1834 United States gold coins
suffered in circulation and at the hands of bullion dealers, however, that
the 1804 BD-7 has an extant population of just 100-150 coins in all
grades. This is a limited number by any standard, and particularly that
of the rare coin market of the 21st century where the numbers of both
type and specialized collectors are constantly expanding.

Satiny surfaces reveal flashes of semi-reflectivity in the fields when
the coin dips into a light. Soft, light-orange highlights are noted at most
angles, but the overall appearance is largely one of deeper, honey-gold
color. An otherwise bold strike wanes only minimally at the upper-ob¬
verse and lower-reverse borders, although we stress that this feature is not
really noticeable when one holds the coin at arm’s length. While scattered
abrasions are certainly present on the surfaces, particularly on the obverse,
the overall appearance much smoother than we would expect to see in
an early Half Eagle at the MS-61 grade level. Conditionally rare for the
variety, this coin would make an impressive addition to a better-date type

PCGS# 8086.

Bright, Fully Lustrous
1807 Bust Right Half Eagle

805 1807 Capped Bust Right. BD-4, HBCC-3106, Miller-88. Rar-
ity-4+. MS-64 (NGC). BD-4 is not a major rarity as far as die mar¬
riages of early Half Eagles are concerned, and 75-90 pieces are
believed extant at the various levels of preservation. This is still a very
rare die marriage when viewed in the wider context of U.S. numis-
—\ matics, of course, and it is also more elusive than the 1807 BD-1 and
BD-6 varieties.

The importance of this beautiful near-Gem for high-grade type
purposes cannot be overstated. The surfaces are among the smoothest
that we have ever handled in a Capped Bust Right Half Eagle regard¬
less of date or individual die pair. Indeed, just one or two stray ticks
in and around the centers are all that seem to keep this piece back
from an MS-65 grade, although significant lack of detail in the centers
probably also played a part in convincing NGC of the validity of the
MS-64 designation. The strike does sharpen toward the rims, how¬
ever, and the surfaces shimmer with captivating yellow-gold color and
frosty mint luster. As close to pristine as any example of both the type
and the issue that this cataloger has handled in recent memory.

Combined PCGS and NGC Population (all die varieties): 12; with a mere two finer, both of which
grade MS-65.

PCGS# 8092.

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

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Questionst E-mailauction@bowersandmerena.com

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The April 2008 Chicago Rarities Sai l • Session One

*V/

1810 BD-4, HBCC-3117, Miller'109. Rarity-2. Large Date, Large 5. MS-65 (NGC). As a type, the Capped Bust Left series of 1807-
1812 is the easiest to collect among pre-1834 United States Half Eagles. And within this series, the 1810 BD-4 with a large date and large
5(D) is the most frequently encountered die marriage. It almost goes without writing, therefore, that the coin in this lot is certain to find its
way into a type set of federal gold. What must be written, however, is that this piece represents extraordinary technical quality and eye appeal
in an example of the variety. Ir is conditionally rare as a Gem and possesses one of the highest eye appeal ratings that this cataloger has been
able to assign to a Capped Bust Left Five of any date in recent sales.

Both sides have been exceptionally well preserved, most areas smooth and free of even tiny abrasions. The texture is decidedly satiny, and
the surfaces shimmer with copper-gold iridescence. There is an area of lighter, pale-rose tinting along the upper-left reverse border that is not
readily perceptible at all angles. Smartly impressed throughout, with a lew wispy obverse abrasions over and before Liberty’s portrait that we
feel compelled to mention solely from the standpoint of accuracy. Highly attractive, nonetheless, and definitely recommended for Gem type
purposes.

807 1813 BD'l, HBCC-3125, Miller-119. Rarity-2. AU-58 ★ (NGC). CAC. rhis is the first die marriage ol the Capped Head Left Half Eagle that reached

general circulation, and examples were saved in greater numbers than those of any other variety of the type. Given the extreme rarity of this type as a whole,
the present near-Mint example should be of obvious importance for gold type purposes. A richly original coin, both sides exhibit khaki-gold color that provides
a desirable “crusty” texture to the surfaces that is becoming so rare in today’s numismatic market. Overall boldly defined with no individually distracting
abrasions, they just do not come any nicer than this for near-Mint Capped Head Left Fives.

PCGS# 8116.

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The April 2008 Chicago Rarities Sale • Session One

Mint State 1820 BD'2 Half Eagle

Surviving Population: Just 20-25 Coins in All Grades

809 1820 BD-2, HBCC-3136, Miller-133. Rarity-5+. Square Base 2. MS-61 (NGC). Another important example of this exceedingly rare type, the pres¬
ent lot offers an 1820 that is also a rare die marriage for its respective issue. BD-2 is one of nine different die combinations that have been confirmed for
the 1820 Capped Head Left Five, only 20-25 examples of which are thought to exist.

A strictly Mint State representative, both sides possess full, if slightly muted luster that has a decidedly satin texture. T he dominant color is a green-gold
shade, but it does yield to equally even, yellow-gold overtones at more direct light angles. Well struck throughout, there are scattered abrasions that are mostly
commensurate with the assigned grade. Accuracy, however, does compel us to mention a thin obverse scrape in the field inside stars 12 and 13.

PCGS#8125.

808 1818 BD-3, HBCC-3131, Miller-125. Rarity-5. 5D over 50. MS-64 (NGC). Satiny, olive-gold surfaces also reveal some intermingled orange-
copper highlights when the coin rotates under a light. This early Half Eagle has beensharply struck from the dies, and the surfaces have survived the passage
of time without acquiring so much as a single outwardly distracting abrasion. In fact, a lack of sizeable distractions help to provide the eye appeal of a full
Gem grade.

The Capped Head Left Half Eagle series of 1813-1834 is one of the most challenging of all United States coin types to collect. These issues were struck
at a time when rising gold prices on the world market made the coins worth more as bullion than as circulating currency. The result is that most mintages
disappeared almost immediately and entirely into the hands of contemporary bullion dealers, who later exported the coins or otherwise ensured that they
would be melted and, thus, lost to future generations of collectors. Surviving populations for all virtually all issues and die marriages of this type represent
infinitesimal percentages of the original mintages. In the specific case of the 1818 BD-3, John W. Dannreuther (2006) accounts for just 35-45 coins extant
from an estimated mintage of 7,500-10,000 pieces for the variety.

NGC Census (this die pair only): just 8 coins in all grades, of which this MS-64 is the finest.

PCGS# 8120.

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Page 163

The April 2008 Chicago Rarities Sale • Session One

Beautiful Near-Gem
1836 Classic Half Eagle

810 1836 MS-64 (NGC). The 1836 is surpassed only by the first-year

1834 Plain 4 in terms of availability among Classic Half Eagles. Near-
Gems such as this, nonetheless, are still quite rare from a market avail¬
ability standpoint, such is the demand that they enjoy among high-grade
type collectors.

This is one of the nicest Classic Fives of any date that we have han¬
dled in recent sales. Blended orange-gold and olive-gold colors provide
a picture of numismatic originality to both sides. The luster is no less im¬
pressive, and it possesses a thick, rich, frosty texture. The surfaces present
as uncommonly smooth even in the context of the MS-64 assessment,
and a sharply executed strike is also free of criticism. Seemingly at the
upper reaches of the assigned grade level, this lovely gold piece is worthy
of a strong bid.

PCGS#8174.

811 1837 AU-58 (NGC). The 1837 has a respectable mintage (for the era

in which it was produced) of 207,121 pieces, and one might think that
it is one of the more common Classic Half Eagles. It is actually a surpris¬
ingly scarce issue, and Jeff (iarrett and Ron Guth (2006) actually believe
that 4 has, “a raw rarity on par with that of the 1838-D.” With a sharp
strike to the obverse and undeniable originality in the form of blended
olive-gold and orange-gold colors, this coin has very strong eye appeal in
the context of the assigned grade. Both sides are predominandy lustrous,
and the only individually mentionable distraction is some softness to the
strike on the reverse over the eagle's left (facing) shoulder and leg.

812 1838 MS-62 (PCGS).The 1838 is in the second rarity tier among Classic

Half Eagles, being more difficult to obtain than the 1834 Plain 4 and 1836.
Fully lustrous with sharp striking detail, therefore, this impressive BU would
fit nicely into a better-date type set. The color is a richly original blend of
olive-gold and orange-gold colors. While scattered abrasions are noted, none
are individually distracting, and the eye appeal is among the strongest that
we have seen on a Classic Five of any date in MS-62.

PCGS0 8176.

Historic 1838-D Classic Five

813 1838-D Winter 1-A, the only known dies. AU-58 (NGC). The

popularity of this issue among Southern gold specialists is due primarily
to its status as the first Half Eagle struck in the Dahlonega Mint. It is also
the only D-mint issue in the Classic Half Eagle series of 1834-1838 and,
with just 200-250 coins believed extant in all grades (per Doug Winter.
2003), the 1838-D is a genuinely rare coin when viewed in the wider
context of U.S. numismatics. This issue is actually one of the more fre¬
quently encountered Dahlonega Mint Half Eagles, however, a fact that
we attribute to its status as a first-year issue. A small number of coins
were undoubtedly set aside as novelties either at or near the time of de¬
liver)’. Even so, the 1838-D is typically offered no finer than the lower
reaches of AU. Bumping up against the Mint State threshold, this Choice
AU is conditionally rare and seemingly earmarked for inclusion in an
advanced collection.

Both sides of this coin possess deeply set green-gold color that warms
to medium-intensity, orange-gold overtones when the surfaces dip into
a light. The texture is decidedly satiny, and it includes very modest hints
of brightness in the fields. The overall strike is sharply executed, as typi¬
cally seen for an example of this issue, and none of the scattered abrasions
are either sizeable or singularly distracting for any other reason.

NGC Census: 20, 12 finer.

PCGS# 8178.

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The April 2008 Chicago Rarities Sale • Session One

814 1840 Broad Mill. AU-53 (NGC). The rarer of the varieties known for
the 1840 Half Eagle, the broad mill is also desirable because the wide
rims on both sides provide a distinct “look” that is unlike that seen on
most other Half Eagles of this design. Otherwise olive-gold color warms
to a medium-gold shade when the surfaces dip into a light. The overall
strike is pleasingly bold, and there is no more than the expected amount
of wear in the context of the assigned grade. Also free of singularly dis¬
tracting abrasions, this coin would fit nicely into an advanced collection
of Liberty gold coinage.

PCGS#8194.

815 1841-C Winter 3-C, the only known dies. MS-61 (PCGS). Sharp,

intricate delineation between all elements of the design is a noteworthy
attribute for a Liberty Half Eagle struck in this historic Southern coinage
facility. Both sides have a bright, satiny sheen to the surfaces that is veiled
in mostly honey-gold color. This coin does, however, reveal a more radi¬
ant, yellow-gold sheen at direct light angles. Although a bit scuffy, there
is no wear, and we are equally unable to locate a singularly distracting
abrasion.

The 1841-C is only the third C-mint issue in the Liberty Half Eagle
series, and it is the second to display the mintmark in the reverse field
below the eagle. This is the most frequently encountered of the early C-
mint Liberty Fives, but high-grade (read: AU and Mint State) examples
can still be quite challenging to locate in todays market. Additionally,
the 1841-C is rarer than such later-date issues in this series as the 1851-
C, 1855-C, 1859-C and 1860-C.

PCGS Population: only 4; with a lone MS-62 finer.

PCGS# 8203.

816 1844-D Winter 11-H, the only known dies. EF-45 (NGC). Gen¬
erally bright with a dominant yellow-gold cast, both sides reveal more
deeply set, green-gold undertones when the coin rotates away from a
light. This coin is expectably scuffy for a Dahlonega Mint Half Eagle
that saw 15 points of circulation, but a lack of singularly mentionable
abrasions and overall sharp definition to the devices result in a relatively
strong eye appeal rating. With just 200-225 coins believed extant in all
grades, the 1844-D is similar in rarity to the 1847-D.

PCGS# 8221.

817 1846-C Winter 8-E, the only known dies. AU-58 (NGC). One of

the leading rarities in the C-mint Five-Dollar series, the 1846-C. suffered
a particularly heavy rate of attrition in circulation because the Charlotte
Mint did not strike any Half Eagles in 1845. Indeed, survivors are more
challenging to locate in today’s market than those of any other C-mint
Five with the exception of the 1840-C and 1842-C Small Date. A sharp
strike and faint remnants of frosty mint luster around the peripheral de¬
vices provide fairly strong eye appeal for this moderately abraded, near-
Mint example. The color alternates between deeply set, green-gold
undertones and brighter, yellow-gold overtones as the coin rotates under
a light.

NGC Census: only 11; and just eight arc finer.

PCGS# 8227.

818 1847-D Winter 16-M. AU-55 (PCGS). Warm honey-gold and
medium-gold colors compete for dominance as the coin rotates under a
light. Direct angles reveal the lightest colors, and they also allow appre¬
ciation of very modest hints of brightness in the fields. With a sharp
strike and relatively smooth-looking surfaces, this coin comes highly rec¬
ommended for Dahlonega Mint type purposes. A couple of wispy grazes
in the lower-left obverse field are noted for accuracy, but they are not
readily perceptible at all angles.

PCGS# 8234.

819 1847-D Winter 16-M. VF-25 (NGC). Perfect for budget-minded
type purposes where an example of the Dahlonega Mint Liberty Half
Eagle series is required, this VF 1847-D is problem free despite having
seen considerable circulation. The obverse portrait is quite softly defined,
but there is bolder definition remaining in the protected areas of the
eagles wing and leg feathers, to say nothing of the vertical stripes in the
shield. Originally toned in khaki-gold color, and free of mentionable
abrasions.

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Page 165

TheAprii 2008 Chicago Rarities Sali • Session One

Appealing Choice BU
1850-C Liberty Five

820 1850-C Winter 14-K MS-63 (NGC). The original mintage ol this
issue is 63,951 pieces. While that total is certainly extremely limited by
todays standards, it is actually fairly generous for a C-mint Half Eagle
from the 1840s/1850s. The result is that the 1850-C is one of the more
frequently encountered Liberty Fives from this Southern coinage facility.
It is not the most common, however, and high-grade (AU and Mint
State) survivors are rarer than those of the 1849-C, 1852-C, 1853-C,
1857-C and 1858-C.

A lovely Mint State representative, this Choice Unc is solidly in the
Condition Census for the issue. Lovely, medium-intensity, yellow-gold
color greets the viewer at most angles, but there are also some deeper
green-gold undertones evident on both sides. The obverse has a decidedly
frosty texture, but the reverse tends more toward a semi-prooflike finish.
There is certainly intermingled frost on the reverse, but the field area
around the eagle exhibits scattered striations (as made) and modest reflec¬
tivity that suggests die polishing on the part of Mint personnel. Sharply
struck and free of individually mentionable abrasions, this coin has un¬
commonly strong eye appeal for a Half Eagle struck in this historic and
popular coinage facility.

PCGS# 8244

Choice Unc 1852-C
Half Eagle Rarity

Condition Census

821 1852-C Winter 18-H. MS-63 (PCGS). In the book Gold Coins of the

Charlotte Mint: 1838-1861, Southern gold expert Doug Winter writes
of the 1852-C Half Eagle: “It is nearly impossible to find an example
which does not show very heavily abraded surfaces.” Clearly, the author’s *

comments were not meant to include the handful of Choice Mint State
coins that constitute the Condition Census for this issue. Included in this l a
highly select group, the present example is uncommonly smooth with mj
few individually conspicuous abrasions. In fact, the obverse is essentially 1$
free of these distractions, while the reverse reveals just one small con- ‘ to
centration of wispy abrasions in the upper-right field that are important ifl
in establishing the pedigree of this important coin.

The other physical attributes of this coin are no less impressive than
the level of surface preservation. Both sides are sufficiently bold in strike !
by the standards of the issue, softness to the central highpoint detail over i
the haircurls atop Liberty’s brow and the eagle’s neck feathers being char¬
acteristic of virtually all 1852-C Half Eagles known. The luster quality '
is also typical for the issue, and the surfaces display a somewhat granular,
matte-like texture that does, however, include modest hints of reflectivity
in the fields. This is a very distinct finish that should be familiar to stu¬
dents of the various Southern gold series. Mosdy honey-gold in color, !
both sides are overlaid in slightly hazy, orange-gold highlights that tend
to dominate the outward appearance at direct angles. Housed in a first- .
generation slab, this coin is certainly one of the PCGS MS-63s that
Winter assigns to the #3 ranking on his Condition Census list for the
1852-C Half Eagle.

PCGS Population: 1; 4 finer, all of which arc concentrated at the MS-64 grade level

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

822 1853-C Winter 20-H. Die State I. MS-62 (NGC). Far more desir¬
able than Die State II examples of the 1853-C Winter 20-H Half Eagle,
this piece features a sharp C mintmark on the reverse. The balance of
the definition is also impressively bold, and there really are no areas of
bothersome lack of detail. Satiny in sheen with dominant green-gold
color, the surfaces brighten considerably to a yellow-gold sheen when
the coin dips into a light. Grade-defining abrasions are small in size and
singularly inconspicuous, and a moderate “distraction” in the right-ob¬
verse field inside star 12 appears to be an as-struck planchet void.

NGC Census: 7:6 finer.

PCGS# 8254.

823 1853-C Winter 20-H. Die State I. AU-55 (PCGS). The more desir¬
able of the two die states that Winter reports for this issue, this piece has
strong definition to the all-important C mintmark. The balance of the de¬
vices are also generally bold in strike, although we do note some softness to
the detail over the haircurls atop Liberty’s brow and the eagles neck feathers.
Olive-gold and medium-gold colors compete for dominance as the coin
rotates under a light, the surfaces revealing considerable remnants of original,
slightly reflective luster. The 1853-C is one of the more readily obtainable
issues in the Charlotte Mint Half Eagle series, but high-grade (AU and Mint
State) examples are rarer than those of the 1858-C delivery.

PCGS# 8254.

824 1853-D Winter 29-U. Large D. MS-61 (NGC). With perhaps as
many as 325+ coins extant in all grades, the 1853-D is the most readily
obtainable Dahlonega Mint Half Eagle in the numismatic market. It is
also the most frequently encountered in high grades, a fact that confirms
the desirability of this BU example for Mint State type purposes. Mostly
orange-gold in color, both sides have a satin-to-(very) softly frosted tex¬
ture that is free of individually mentionable abrasions. This coin displays
the rarer of the two striking qualities known for the issue—it is boldly im¬
pressed at the borders yet softly defined over the central highpoints.

PCGS# 8255.

825 1854-D Winter “30-U”. Large D. MS-62 (NGC). Although the

1854-D is the second most common Dahlonega Mint Half Eagle in high
grades, it is still quite a bit rarer than the 1853-D in Mint State. This BU
example displays warm orange-gold color and a bright, satiny texture to
the surfaces. The strike is a bit soft both in the centers and at the rims,
but no one area is excessively blunt for a Liberty Half Eagle from this
Southern branch mint. A smattering of wispy, small-size abrasions helps
to define the MS-62 grade.

Our use of the Winter 30-U attribution for this coin deserves an ex¬
planation. In the 2003 book Gold Coins of the Dahlonega Mint: 1838-
1861, Doug Winter does not list this variety for the 1854-D. He does,
however, state under his discussion of the 1853-D that Reverse U was
used both in that year and in 1854. The coin in this lot was definitely
struck from Obverse 30 (1 in the date very close to the truncation), and
the reverse is that of the 1853-D Winter 29-U in NGC MS-61 that we
'rare offering above. We have, therefore, tentatively assigned the attribution
Winter 30-U to the marriage between these two dies.

PCGS# 8258.

Mint State 1855-C Liberty Five

826 1855-C Winter 23-J, the only known dies. MS-62 (NGC). With
fewer than 200 coins believed to exist at all levels of preservation, the
1855-C is a median rarity in the Charlotte Mint Half Eagle series. It
compares favorably to the 1859-C both in an absolute sense and in grades
above the EF-45 level.

Among the finest known, this Condition Census BU is possessed of
rose-gold color that is uncommonly vivid for a C-mint Five of any date.
Of course, indirect angles call forth a deeper, yet still pleasing honey-
gold sheen. Free of mentionable softness of strike, there are also no sin¬
gularly distracting abrasions to report. Another important offering for
the advanced collector of Southern gold.

PCGS# 8262.

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Page 167

Tm Aprii 2008 Chicago Rarities Sali • Session One

827 1858-C Winter 26-L. AU-58 (PCGS). This otherwise orange-gold

example reveals a splash of reddish-gold tinting over and before Liberty’s
face on the obverse. Both sides are sharply defined despite a bit of light
highpoint wear and, with no individually distracting abrasions, this piece
would fit nicely into any high-grade set of Southern gold coinage. The
1858-C is one of the more frequently encountered Charlotte Mint Half
Eagles, but it is more challenging to locate in an absolute sense than the
1847-C. Winter 26-L is the rarer of the two die marriages known to exist
for this issue.

PCGS Population: 12:11 finer.

PCGS# 8277.

828 1858-D Winter 35-DO. Large D. AU-55 (PCGS). A middle-of-
the-road rarity in the Dahlonega Mint Half Eagle series, the 1858-D has
an extant population of perhaps just 125-150 coins in all grades (per
Doug Winter, 2003). This Choice AU is finer than most examples en¬
countered in the market, and it displays only light wear to devices that
still present as bold in most areas. A bit of striking softness is largely con¬
fined to the haircurls over Liberty’s brow, the obverse stars, the eagles
neck and the uppermost arrow feather. Orange-gold and khaki-gold col
ors are blended over surfaces that reveal shimmering semi-reflectivity in
the fields when the coin dips into a light.

829 1860-S AU-58 (NGC). CAC. Although not as widely recognized in
the wider numismatic market, the 1860-S is a rarer Half Eagle than both
the 1860-C and the 1860-D. Very, very few examples are encountered
in even impaired states of preservation, and problem-free survivors rep¬
resent fleeting buying opportunities on the rare occasions that they are
offered for sale. Adorned with pretty rose-gold color, this coin retains
plenty of original, softly frosted luster to both sides. Well struck and care¬
fully preserved, the surfaces have escaped circulation without acquiring
any sizeable or individually mentionable distractions. The fact that only
one Mint State 1860-S Half Eagle is confirmed further enhances the de¬
sirability of this important coin.

PCGS# 8287

One of the Finest 1863-S
Half Eagles Known

830 1863-S AU-58 (PCGS). Unlike their P-mint counterparts, the Half

Eagles struck in the San Francisco Mint during the Civil War continued
to circulate heavily in the avenues of commerce. This is not good news
for collectors that specialize in Liberty gold coinage, because Half Eagles
like the 1863-S, 1864-S and 1865-S are extremely rare coins that are
seldom offered in any grade. In the specific case of the 1863-S, only
17,000 pieces were produced, and the typically encountered survivor is
heavily worn and/or possessed of significant impairments such as cleaned
surfaces or rim damage. It is a particularly significant for the condition¬
ally challenging nature of this issue that the ‘63-S in the Smithsonian In¬
stitution’s National Numismatic Collection grades only VF.

Not only is this near-Mint example a major condition rarity in its
own right, but it is of even further importance to advanced collectors
given the fact that there is only one Mint State 1863-S Half Eagle cur¬
rently known to exist. The present example is minimally worn with
much of the friction concentrated in the fields. A smattering of mostly
small-size abrasions are also most evident in the fields, but even so flashes
of a semi-prooflike finish are still appreciable when the coin rotates under
a light. Blended orange-gold and honey-gold shades blanket both sides
and help to accent overall sharp striking detail. Condition Census, and
about as nice as they come for an example of this extremely challenging
issue.

PCGS Population: only 2; with a lone MS-61 finer.

PCGS# 8295.

Page 168

Bowers and Merfna Auctions

The April 2008 Chicago Rarities Sale • Session One

Second-Year

1871-CC Half Eagle Rarity

831 1871-CC Winter 1-B. AU-58 (NGC). Both sides are predominantly

honey-gold in color, but we do note brighter, rose-gold overtones when
the coin dips into a light. Direct angles also reveal flashes of semi-reflec¬
tivity to the surfaces, especially in the fields. An otherwise bold strike
wanes appreciably only over Liberty’s haircurls on the obverse and the
upper and lower portions of the reverse eagle. There are also no sizeable
or individually mentionable abrasions.

The 1871-CC is the second Carson City Mint issue in the U.S. Half
Eagle series. While it is more plentiful than the 1870-CC, 1872-CC and
1873-CC, the 1871-CC is still among the more challenging Carson City
Mint Fives to locate in grades above EF-45. As a group, AU and Mint
State survivors are rarer than those of the 1874-CC, 1879-CC, 1883-CC
and 1884-CC deliveries, to name just a few other issues in this popular
mintmarked gold series.

NGC Census: only 6; with a mere two finer in Mint State.

PCGS# 8323.

Very Rare 1872-CC
Half Eagle in AU

832 1872-CC Winter 1-B. AU-50 (PCGS). A leading rarity' in the ('ar¬
son City Mint Half Eagle series, the 1872-CC has an extant population
of perhaps just 7-80 coins from an original mintage of 16,980 pieces. The
significance of the present AU is even further enhanced by the fact that
the 1872-CC is currently unknown in any Mint State grade.

Honey-gold undertones warm to more of an orange-gold cast when
the coin dips into a light. Both sides have a relatively bright, somewhat
satiny sheen that is not disturbed by any sizeable or otherwise individually
conspicuous abrasions. Scattered handling marks are certainly present, of
course, and overall light rub further confirms that this coin spent some
time in circulation. The overall definition remains suitably bold,
nonetheless, and the eye appeal is quite pleasing for an example of this
very challenging CC-mint issue.

The 1872-CC is tied with the 1881-CC as the fourth-rarest issue in
the Carson City Mint Half Eagle series in terms of total number of coins
known. When we consider only AU and Mint State grades, however, the
1872-CC emerges as the second-rarest issue in this series after only the
famous 1870-CC.

PCGS Population: 6; 12 finer, none of which are Mint State.

PCGS# 8326.

833 1874-CC Winter 2-C. AU-53 (NGC). This satiny example is excep¬

tionally smooth in outward appearance for a lightly circulated CC-mint
Half Eagle of any date. There really are no substantial abrasions, and
those that are present are very small in size and anything but distracting
to the eye. Warm olive-gold and orange-gold colors compete for domi¬
nance as the coin rotates under a light. The strike is also impressively
sharp and, while the haircurls around Liberty’s ear are a bit blunt, the
overall definition is bolder than that seen on the plate coin in the 2000
book Gold Coins of the Carson City Mint by Doug Winter and Jim
Halperin. All-in-all, this is one of the nicer AUs that we have seen for this
issue in quite some time.

PCGS# 8334.

Nearly Mint State
1883-CC Half Eagle

834 1883-CC Winter 1-A, the only known dies. AU-58 (PCGS).
CAC. The original mintage of the 1883-CC is just 12,958 pieces—a
marked reduction from the previous years delivery of 82,817 coins. The
1883-CC is an understandably scarce, if not rare coin in all grades, and
it compares favorably with the 1884-CC in an absolute sense.

The paucity of Mint State survivors confirms this nearly Uncirculated
survivor as Condition Census. This is a very pretty coin irrespective of
date or issuing mint, displaying as it does warm orange-gold color and
flashes of semi-reflectivity in the fields. The overall strike is sharply exe¬
cuted, and the only mentionable rub is confined to the eagles neck feath¬
ers on the reverse. Minimally abraded for a CC-mint gold coin that saw
actual circulation, it would be difficult to improve upon this coin at the
AU level of preservation.

PCGS Population: 13; with a mere three finer.

PCGS# 8362.

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Page 169

i m aprii 2008 Chi< \go Rarities Sau • Session One

835 1886-S MS-64 (NGC). An original near-Gem, both sides possess full

mint bloom over bold-to-sharp features. The number of wispy abrasions
is minimal for a gold coin of this size, thus confirming the conditionally
scarce nature of this piece.

PCGS# 8370.

836 1891-CC Winter 1-A. MS-62 (PCGS). A very appealing represen¬

tative of the Carson City Mint Half Eagle series, this ‘91-CC is fully
Mint State with swirling, frosty luster and no wear to even the highest el¬
ements of the design. Scattered abrasions are noted, but none are singu¬
larly distracting or out of context with the MS-62 grade. Otherwise
rose-gold in color, warmer orange-gold peripheral highlights frame the
obverse and further enhance the eye appeal.

837 1893-CC Winter 2-A. AU-58 (NGC). A handsome example, both

sides possess dominant reddish-gold color with more deeply set, khaki
gold undertones evident at certain angles. Sharply struck and predomi¬
nantly lustrous, the surfaces are free of sizeable or individually
bothersome abrasions.

838 1893-0 MS-62 (NGC). Pale, rose-gold highlights decorate satin-to-

softly frosted surfaces. With a bold strike and mostly small-size abrasions
to define the grade, this coin is certainly one of the nicer BU 1893-0
Fives extant. Conditionally scarce.

PCGS# 8385.

839 1899 MS-65 (NGC). Smooth, lustrous surfaces are awash in billowy

mint frost. This is a sharply struck coin, and an even endowment of orig¬
inal rose-gold color is also sure to please the Gem-quality type collector.

PCGS# 8398.

840 1901 MS-65 (PCGS). One of the nicest Gem type candidates from the

Mono Liberty Half Eagle series that we have handled in recent memory,
this orange-gold example is housed in an older PCGS holder with a green
insert. Full, frosty mint luster blankets sharply impressed features. There
are no distracting abrasions, and the eye appeal is strong in all regards.

PCGS# 8402.

841 1901-S MS-66 (PCGS). The importance of this coin for high-grade

gold type purposes cannot be overstated for, while the 1901-S is a plen¬
tiful Half Eagle in an absolute sense, it is conditionally rare in MS-66.
Coins that grade any finer are seldom encountered. This piece exhibits
full, softly frosted luster and warm, original, rose-gold color. Boldly struck
over the central design elements, a bit of peripheral weakness is confined
to stars 1 -5 on the obverse. There are no distracting abrasions—an un¬
common attribute for a coin struck in a coinage metal as soft as gold.

PCGS# 8404.

842 1902-S MS-64 (PCGS). CAC. Vibrant satin luster and overall

smooth-looking surfaces give this lovely example the “look” of a full Gem
grade. The color is also a praiseworthy attributes, and it blends orange-
gold and rose-gold shades in a picture of numismatic originality. The
PCGS holder is an older variant with a green insert.

PCGS# 8406.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

1904 Proof-67 Cameo (NGC). Struck as it was during the early years of the 20th century, the 1904 might seem like one of the more plen¬
tiful issues in the proof Liberty Half Eagle series. This is actually true, but with only 50-75 coins known in all grades, the proof 1904 is a le¬
gitimately rare coin when viewed in the wider context of the numismatic market. It is also more challenging to locate than the proof 1900,
which was produced in greater numbers (230 pieces vs. 136 coins) due to an expected increase in collector sales for that turn-of-the-century
delivery.

This coin is one of the most impressive proof 1904 Half Eagles known, and for two reasons. First, it possesses appreciable field-to-device
contrast that NGC deemed strong enough to warrant a Cameo designation. Most proof 1904 Fives (indeed, most proof Half Eagles struck
from 1902 through 1907) were produced using all-brilliant proofing techniques. Second, the surfaces of this coin are virtually pristine and
fully deserving of Superb Gem status. A razor-sharp strike and warm orange-gold color round out an extensive list of positive attributes.

NGC Census: only 4; with a lone Proof-68 Cameo finer. PCGS has yet to certified a single example finer than Proof-66 Cameo.

PCGS# 88499.

843

844 1908 Liberty. MS-66 (PCGS). An important transitional year in the
U.S. Half Eagle series, 1908 saw the final delivery of the long-lived Lib¬
erty design and the first of the revolutionary Indian type. The final-year
1908 Liberty is a relatively plentiful issue in an absolute sense, but it is a
noteworthy condition rarity in grades above MS-65- This premium-qual¬
ity Gem is exceptionally smooth with hardly any abrasions in evidence.
Thick, billowy mint frost blankets both sides, as does original rose-gold
color. A sharp strike rounds out the extensive list of positive attributes for
this lovely example.

PCGS Population: 24; 7 finer, all of which grade MS-67.

PCGS# 8418.

845 1908-D MS-64 (PCGS). The present sale notwithstanding, the ‘08-

D is an otherwise relatively plentiful Indian Five that is seldom encoun¬
tered any finer than MS-63. The coin in this lot is not only a solid
near-Gem, but it is uncommonly vibrant in the luster category with a
shimmering, satin-to-softly frosted texture. A sharply executed strike and
rich orange-gold color further enhance strong eye appeal that is sure to
endear this coin to collectors of high-grade 20th century gold.

PCGS# 8511.

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Page 171

846

847

The April 2008 Chicago Rarities Sale • Session One

1908-D MS-64 (PCGS). Sharply executed throughout, the strike in¬
cludes crisp definition to the D mintmark. The color is a light orange-
gold shade that is evenly distributed over both sides, the surfaces of which
also possess full, if not overly vibrant mint luster. In fact, an overall lack
of noticeable abrasions suggests that this coin may have secured a full
Gem grade were the finish more lively in appearance. On the other hand,
we have to note that the 1908-D typically comes with muted, decidedly
granular luster that is among the least appealing in this conditionally
challenging series. All-in-all, therefore, the present example is a comfort¬
ably graded and aesthetically pleasing coin in the context of the near-
Gem grade.

1908-D MS-63 (PCGS). Generally well balanced over both sides, the
strike is pleasingly sharp and allows full appreciation of the revolutionary
incuse design. The luster is full, even if it has somewhat of a muted, gran¬
ular texture, and there are few outwardly noticeable abrasions in the con¬
text of the assigned grade. Finally, we note an even endowment of
honey-gold undertones and warmer orange gold highlights that further
confirm this coin as an attractive Choice representative of the type.

Uncommon Gem Mint State
1909'D Indian Five

848 1909-D MS-65 (PCGS). The highest-mintage issue in the Indian

Half Eagle series, the 1909-D (3.4 million pieces struck) is righdy re¬
garded as the most common coin of the type in terms of total number
of Mint State examples known. It is a sign of the conditionally rare status
of the series, however, that authors David W. Akers and Jeff Ambio
(2008) account for just 115-125 Gem 1909-D Fives out of a total Mint
State population of 33,000-38,500 coins. The former total is also suffi¬
cient to confirm the 1909-D as rarer than the first-year 1908 in the finest
Mint State grades.

A no-questions Gem, both sides of this lovely example exhibit even
rose-gold color and full, frosty mint luster. The strike is impressively
sharp by' the standards of the type, and it includes a bold, well-defined
D mintmark at the lower-left reverse border. None but a few wispy abra¬
sions are present, none of which are worthy of singular attention.

PCGS# 8514.

David Hall
Founder of PCGS

nr n

i v.

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

View online at www. bowersandmerena. com
Questions? E-tnail auction (‘' bowersandmerena. com

849 1909-0 AU-55 (NGC). With just 34,200 pieces produced, the 1909-

O is the rarest issue in the Indian Half Eagle series. The paucity of Mint
State examples (David W. Akers and Jeff Ambio, 2008, account for just
65-80 coins at that level) confirms the importance of this Choice AU
survivor among collectors of high-grade 20th century gold coinage. Both
sides possess dominant khaki-gold color, but there are warmer rose-gold
overtones that are readily evident at most angles. Light wear is largely
confined to the highpoints of the devices, although there is considerable
friction in the fields that is also commensurate with the grade. A shallow
obverse graze before the Native Americans throat is noted, and the O
mintmark is characteristically weak for an example of this key-date issue.

PCGS# 8515.

Page 172

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

850 1911 MS-64 (PCGS). With a bold-to-sharp strike and billowy, softly
frosted luster, this coin is just a few scattered abrasions away from a full
Gem rating. Most of the grade-defining bagmarks are concentrated in the
upper-reverse field—as typically seen on Half Eagles of this type—and
the obverse is actually very smooth in outward appearance. Pretty rose-
gold color even blankets both sides and further enhances the visual ap¬
peal.

PCGS# 8520.

851 1911 MS-64 (PCGS). As one of the more readily obtainable issues in

the Indian Half Eagle series, the 1911 is a tempting alternative to the
truly common 1909-D. The present example is an attractive near-Gem
with rose-gold obverse color that deepens to an orange-gold shade on
the reverse. Both sides are equally lustrous and well struck, their surfaces
silent on the subject of individually mentionable abrasions.

PCGS# 8520.

852 1912 MS-62 (PCGS). Three different shades of gold are evident on

this coin, the rose and honey hues being well blended and dominant as
far as the outward appearance is concerned. Closer inspection, however,
does reveal reddish-copper highlights in the protected areas of the devices
that are most vivid around the outline of the reverse eagle. Suitably lus¬
trous in the context of the assigned grade, and free of sizeable and/or in¬
dividually conspicuous abrasions.

PCGS# 8523.

853 1913 MS-64 (PCGS). Although finely granular in texture, the surfaces

still possess full mint luster that is suitably vibrant by the standards of this
P-mint issue. The color is a medium-intensity, orange-gold shade, and
the strike is well executed throughout. Scattered abrasions include a men¬
tionable graze in the upper-reverse field. This coin is housed in a fist-
generation PCGS holder.

PCGS# 8525.

854 1913 MS-64 (PCGS). A well-balanced strike has brought out bold-to-
sharp definition on both sides of this smooth-looking example. There is
not much for us to report in the way of wispy abrasions, as befits the
near-Gem grade, and the eye appeal further benefits from a full endow¬
ment of medium-orange color and slightly granular, yet completely orig¬
inal mint luster.

PCGS# 8525.

855 1914 MS-64 (PCGS). Light-to-medium, orange-gold color dominates

the outward appearance on both sides of this well-struck Indian Five.
Wispy abrasions are expectably few in number for the assigned grade,
but we do note a bit of light haziness and some scattered alloy spots on
the obverse.

PCGS# 8527.

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Page 173

The April 2008 Chicago Rarities Sale '» Session One

Eagles_

Historic 1795 Capped Bust Right Eagle

Condition Census MS-64 Grade

856 1795 BD-4, HBCC-31 72, Taras:ka 4. Rarity-5. 1 i Leaves. MS-64 (NGC). This is perhaps the most historically significant issue in
the entire United States gold series. While the 1795 Small Eagle Five has the honor of being the first gold coin struck in the United States
Mint, the 1795 Eagle is the first large-size gold coin that the new nation was able to place into commerce. The latter event must have been
greeted with particular delight among contemporary Americans, helping to establish that the United States was now a serious player on the
world economic stage.

The Mint required five different die marriages to produce approximately 854-1,500 Capped Bust Right Eagles bearing the 1795 date.
BD-1 and BD-2 are by far the most plentiful varieties in today’s market, and they must have been the first Eagles to reach the contemporary
public, who saved a decent number of examples as novelty items. The remaining three die marriages are quite rare, however, the BD-4 13
Leaves with an extant population of just 60-80 coins in all grades.

Almost certainly among the finest known for the variety, this beautiful near-Gem is also Condition Census for the issue. The surfaces are
e> optionally well preserved with none but a few wispy, well-scattered abrasions in evidence. The texture is a blend of satin and semi-prooflike
tendencies that provide modest, yet appreciable brightness in the fields when the coin dips into a light. Well struck in all but a few isolated
areas, with green-gold undertones and brighter yellow-gold highlights rounding out a list of positive attributes. A few light reverse adjustment
marks (as produced) over the eagle’s breast are noted.

Combined PCGS and NGC Population only 9; with a mere four finer.

PCGS# 8551.

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Bowers and Merf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

First-Year 1797 Large Eagle Ten

857 1797 Large Eagle. BD-2, HBCC-3177, Taraszka-8. Rarity-4+. AU-58 (NGC). This is the first die marriage used for the 1797 Large Eagle Ten and,
as such, the entire Large Eagle Capped Bust Right series of 1797-1804. Probably upward of 5,000 coins were struck from this die pair (per John W. Dannreuther,
Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834, 2006). Attrition was severe, however, and there are probably no more than 80-100 different
coins extant in numismatic circles. After the reverse die was retired, the obverse remained in use to strike all 1797 Large Eagle Tens of the BD-3 and BD-4 va¬
rieties.

Noticeable semi-prooflike qualities are apparent on both sides when the coin rotates under a light, this despite the fact that light friction and a smattering
of abrasions are present from a short stint in circulation. This coin probably spent the majority of its time as part of the bullion reserves of a contemporary
bank (what we really mean by “circulation” as far as most pre-1834 U.S. gold issues are concerned), and the surfaces escaped without acquiring any large or
otherwise detracting marks. Sharply struck with mostly bright, yellow-gold color, sonre deeper khaki-gold undertones are discernible at indirect angles.

PCGS# 8559.

David Hall
Founder of PCGS

nr r
i v* -/

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

View online at umnv.bowersandmerena.com
Questions? E-mail auction@bowersandmerena.com

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Page 175

The April 2008 Chicago Rarities Sale _• Session One

858 1801 BD-2, HBCC-3194, Taraszka-25. Rarity-2. MS-64 (NGC). Numismatic scholars have confirmed the existence of two die mar¬
riages for the 1801 Capped Bust Right Eagle, and they are most readily distinguishable by looking at the orientation of star 7 in relation to
the top of Liberty’s cap on the obverse. On examples of the BD-2 die marriage, two points of the star are close to the cap. Not only is this
die marriage much more obtainable than BD-1, but it is one of the most frequently encountered varieties in the entire early Eagle series.

Despite its commonness relative to most other early Eagles, the 1801 BD-2 is still a very-scarce-to-rare coin from a market availability
standpoint. This is particularly true of high-grade Mint State survivors, such is the demand that such pieces enjoy among type collectors and
other numismatic buyers. Indeed, it is our belief that the present near-Gem will probably find its way into an impressive gold type set after
passing through this auction. It is a beautiful coin whose surfaces are smooth, satiny and bathed in warm orange-gold color. The devices are
sharply struck in virtually all areas from a well-centered impression. While a few wispy abrasions are scattered about, they are both expectably
small in size and sufficiently few in number not to offend within the context of the MS-64 grade level. An attractive example, and one that
is worthy of a solid bid.

Another Mint State 1801 BD-2 Eagle

859 1801 BD-2, HBCC-3194, Taraszka-25. Rarity-2. MS-61 (PCGS). CAC. Refreshingly original, both sides display rich copper-gold highlights over a
base of softer, more deeply set, honey-gold color. This is a sharply struck coin, the devices equally free of bothersome lack of detail in the centers and near the
peripheries. A modestly semi-prooflike finish is most readily evident as flashes of muted brilliance in the fields, this feature only discernible at direct light angles.
While scattered abrasions are noted, the surfaces are relatively smooth in the context of the assigned grade. All-in-all, this is a really nice Mint State example of
a popular early gold type.

PCGS# 8564.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

Original-Looking 1801 BD-2
Eagle in AU

860 1801 BD-2, HBCC-3194, Taraszka-25. Rarity-2. AU-53
(PCGS). CAC. T ik e the PCGS MS-61 that we are also offering above,
this AU example of the 1801 BD-2 Eagle is originally toned in rich red-
dish-copper iridescence. The underlying color is an equally appealing
shade of honey-gold, and the interplay between these two colors certainly
helps to explain the premium-quality assessment from CAC. With good
definition to the central devices and a noteworthy lack of individually
mentionable abrasions, we can easily picture this coin in a type set of
United States gold coinage.

PCGS# 8564.

861 1843-0 AU-58 (NGC). The 1 843-0 may be the most frequently en¬

countered New Orleans Mint Eagle from the 1840s after only the 1847-
O, but it is a very scarce-to-rare coin in the finer circulated and Mint
State grades. The present lot offers a minimally circulated, near-Mint
survivor with sharp definition to the devices. Flickers of original luster are
discernible when the coin rotates under a light, but the outward appear¬
ance is largely one of blended olive-gold and orange-gold colors. Problem
free for the grade, with no individually distracting abrasions.

PCGS# 8589.

862 1844-0 Winter Variety One. AU-55 (NGC). The ‘44-0 is one of
the more frequently encountered No Motto Eagles from the New Or¬
leans Mint, but it is still a significant condition rarity in higher grades.
Indeed, the typical example grades no finer the EF-45, and even low-
end AUs are elusive from a market availability standpoint. As an AU-53,
the present example is quite rare. Both sides are free of only light rub, but
the surfaces are very scuffy with numerous abrasions that include two
moderate grazes in the left-obverse field. Predominantly green-gold in
color, the surfaces do warm to a lighter, medium-gold shade at more di¬
rect angles. A sharply struck coin that numbers among only 175-225
survivors from an original mintage of 47,500 pieces (this estimate per
Doug Winter, Gold Coins of the New Orleans Mint: 1839-1909, 2006
edition).

PCGS# 8591.

863 1845 AU-55 (NGC). Similar in rarity to the 1846 and 1849-0, the

1845 is one of many overlooked issues in the early No Motto Liberty
Eagle series. This overall sharp-looking example is minimally worn with
alternating green-gold and yellow-gold color. Both sides are noticeably
scuffy from time spent in circulation, but no more so than one should
expect for a gold coin of this size at the Choice AU level. Finer than the
example in the Smithsonian Institution (an EF-45), this piece is of fur¬
ther importance due to the fact that the 1845 is all but unknown in Mint
State.

PCGS# 8592.

864 1854-0 Winter Variety One. Large Date. AU-55 (NGC). This vi¬
sually impressive issue was struck using a date punch intended for the
1854 Seated Liberty Silver Dollar. The mintage comprises an unknown
percentage of the 52,500 Eagles that the New Orleans Mint struck in
1854. The Large Date is a bit rarer than the Small Date in an absolute
sense, but it is slightly more obtainable in high grades. Otherwise green-
gold surfaces warm to pleasing, medium-gold shades when the coin dips
into a light. Both sides retain ample remnants of original mint luster and,
while a bit hazy in the fields, the surfaces are free of individually distract¬
ing abrasions. (A small circular planchet void in the reverse field below
the eagles right wing is as struck.) Generally bold in strike, with only
light wear to highpoints, as befits the grade.

PCGS# 98614.

From David W. Akers sale of the John Jay Pittman Collection, May 1998, lot

1937.

865 1870 EF-40 (PCGS). Original, khaki-orange surfaces are expectably

abraded for a Liberty Eagle that saw 20 points of circulation. Even so, one
can still appreciate flickers of a semi-prooflike finish when the coin dips
into a light. A pleasing coin for the grade, and one that is housed in an
older PCGS holder with a green insert. Original mintage: just 3,990
business strikes.

PCGS# 8657.

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Page 177

The Aerie 2008 Chicago Rarities Sai i • Session One

866 1870-S AU-50 (PCGS). The 1870-S Eagle circulated widely, this de

spite a limited mintage of just 8,000 pieces. The result, of course, is that
the issue is very scarce-to-rare in today’s market. Here’s a pleasing AU
whose otherwise olive-gold surfaces reveal a few splashes of copper-orange
tinting over the upper obverse. The overall definition remains suitably
bold despite the presence of light wear, and none of the scattered abra¬
sions are worthy of individual attention.

PCGS Population: only 7; 9 finer, just one of which is Mint State.

867 1872 AU-50 (PCGS). Deeply set, honey-gold undertones backlight

otherwise dominant orange-gold color on both sides of this overall lightly
worn survivor. The definition is generally bold despite the presence of ap¬
preciable rub, and the fields reveal flickers of an original semi-prooflike
finish when the coin dips into a light. Although a bit scuffy, the surfaces
are free of individually mentionable abrasions. A pair of shallow planchet
voids at the obverse rim before the date are as struck.

The 1872 is a Liberty Eagle that we do not handle with any degree
of regularity, and with good reason. Only 1,620 pieces were produced,
and virtually the entire mintage passed quietly into circulation beginning
in the year of issue. Very few of those coins were retrieved at a late date
for the benefit of today’s collectors.

PCGS Population: 4; 7 finer, only four of which are Mint State.

PCGS# 8663.

Important 1878-CC Eagle

A Leading Rarity in the Carson City Mint Gold Series

868 1878-CC Winter 1-A, the only known dies. AU-55 (NGC). The 1878-CC is an exceedingly rare Eagle that is among the most challenging gold coins

to collect from this fabled frontier-era branch mint. Writing in 2001, Doug Winter and Jim Halperin (Gold Coins of the Carson City Mint ) account for just
45-55 survivors at all levels of preservation. All but one of those coins are circulated—a fact that further enhances the desirability of the Choice AU that we
are offering here. A few more facts are in order, however, before we describe the physical attributes of the coin. The ‘78-CC is the third rarest of the 19 CC-
mint Logics in terms of total number of coins known. And when we consider only grades above EF-45-, the ‘78-CC is tied with the ‘77-CC as the sixth-rarest
issue in this mintmarked gold series.

This is a fairly well struck example by the standards of the issue, and die detail is bold in all areas save for those in the very center of the coin. With little
to import in the way of wear, the definition presents as overall bold to the eye. Rich honey-khaki undertones warm to more of a reddish-orange cast when the
surfaces dip into a light. And although the coin is a bit scufly from commercial use, the only individually mentionable distraction is a small obverse reeding
mark directly behind Liberty’s mouth. All-in-all, therefore, this coin offers some of the strongest technical and aesthetic merits obtainable in an example of this
very rare issue.

NGC Census: only 9; with a mere lour finer, just one of which is Mint State.

PCGS# 8681.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

869 1881-0 MS-60 (NGC). The rarest of the three O-mint Eagles pro¬
duced from 1880 through 1882, the 1881 -O is also a conditionally chal¬
lenging coin that is seldom encountered in Mint State. This fact remains
true despite the emergence of several sizeable hoards in the early 1990s,
most of which comprised coins that were well-worn VFs and EFs. A
stricdy Mint State example, this piece is free of wear with pleasingly sharp
striking detail to both sides. The surfaces have an expectably satiny tex¬
ture for a high-grade survivor of this issue, and the color is a fairly pleas¬
ing, green-gold shade. Both sides are noticeably scuffy in appearance, a
myriad of small-to-moderate abrasions obviously helping to explain the
basal Mint State grade. A couple of small alloy spots over the upper re¬
verse are also noted for the sake of accuracy. Condition Census, and im¬
portant for inclusion in a high-grade Liberty Eagle date set, as such.

NGC Census: only 9; with a mere three finer (MS-63 finest).

PCGS# 8693.

870 1884-CC Winter 1-A, the only known dies. AU-50 (PCGS). The
final CC-mint Eagle struck prior to 1890, the 1884-CC is similar in
overall rarity to the 1882-CC and 1883-CC. This is an appealing AU
with warm rose-gold overtones and more deeply set, olive-gold color.
The latter shade is most readily evident on the reverse. Overall sharply
defined despite the presence of light wear, the only individually men-
tionable abrasions are a pair of shallow obverse grazes on Liberty’s cheek.

PCGS# 8704.

871 1885 MS-64 (PCGS). CAC. Thanks to the recent emergence of sev¬

eral mini-hoards in Europe, the 1885 is no longer as scarce as it once was
in grades from AU-55 through MS-63. The certified population falls off
precipitately beginning at the MS-64 level, however, and there are actu¬
ally no coins certified finer than this near-Gem at PCGS. Sharp-to-frill
in strike, both sides display orange-gold color and softly frosted luster to
the surfaces. The overall appearance is exceptionally smooth for a survivor
of this conditionally challenging and underrated P-mint Eagle.

PCGS Population: only 9; and none are finer at this service.

PCGS# 8706.

872 1887 MS-63 (PCGS). CAC. With just 53,600 business strikes pro¬

duced, the 1887 Eagle is an understandably scarce-to-rare coin in all
grades. Mint State survivors that are Choice in quality are in the latter cat¬
egory, and they represent the finest in technical quality and eye appeal
that is obtainable in an example of this issue. Housed in an older PCGS
holder with a green insert, this piece is bathed in rose-gold color that
highlights full, softly frosted luster. Generally sharp in strike, the only
singularly mentionable “distraction” is a thin planchet streak in the lower-
right obverse field that is actually as struck.

Combined PCGS and NGC Population: just 6; and only three are finer, all of which grade MS-64.

PCGS# 8710.

873 1888 MS-63 (PCGS). One of several undeirated condition rarities

from the 1880s Libety Eagle series that we are pleased to be offering in
this sale, this 1888 is at the apex of Condition Census for the issue. Both
sides are exceptionally well preserved with full mint bloom and only
small-size abrasions to define the grade. Sharp striking detail and rich
rose-gold color further enhance the eye appeal of this important top-of-
the-pop rarity.

Combined PCGS and NGC Population: only 8; 0 finer.

PCGS# 8712.

874 1888-S MS-63 (PCGS). Orange-gold peripheral color frames other¬
wise rose-gold surfaces, both shades well blended in a picture of numis¬
matic originality. Lively mint frost blankets all areas, and a sharp strike
is equally impressive from the rims to the devices. With none but small-
size abrasions scattered about, this piece is virtually unsurpassable in qual¬
ity as far as PCGS-certified examples of the 1888-S Eagle are concerned.

PCGS# 8714.

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Page 179

The Aprii 2008 Chk \go Rarities Sam « Session One

875 1891-CC Winter 3-C. MS-63 (PCGS). The 1891-CC. is far and

away the most plentiful Carson City Mint Eagle in today’s market. At
least 500-600 Mint State coins are believed to have survived, with the re¬
sult that this issue is the preferred type candidate among collectors assem¬
bling sets of high-grade U.S. gold coinage. The 1891 -CC, however, is still
a conditionally rare issue beginning at the MS-63 level, the vast majority
of Mint State pieces grading out somewhere in the MS-60 to MS-62
range. Uncommonly well preserved, therefore, the present example is
also a desirable coin because it possesses rich reddish-gold color to both
sides. The luster is semi-prooflike in sheen, the devices thickly frosted
and contrasting nicely with appreciable reflectivity in the fields. Sharply
struck, with scattered abrasions to define the MS-63 grade. A short grease
streak (as struck) at the lower-obverse border is noted, although it is lo¬
cated in an advantageous position as far the overall eye appeal of this
coin is concerned.

Winter 3-C is the desirable Repunched Mintmark variety of this
issue. On the reverse of this coin, a bold remnant of the undermintmark
is present in the field to the right of the base of the second C. You will
probably need a loupe to discern this feature.

876 1891-CC Winter 2-B. MS-62 (PCGS). Otherwise relatively plentiful

by Carson City Mint Eagle standards, the 1891-CC is rarely encountered
any finer than the present grade level. This richly frosted example is
sharply struck with warm, attractive, orange-gold color. Scattered abra
sions confirm the grade, but none are really worthy of individual atten
non.

877 1896 MS-64 (NGC). Sharply struck and fully lustrous, this coin also

possesses even rose-gold color that further enhances the eye appeal. There
are none but small-size abrasions scattered about, and they do little more
than define the MS-64 grade. Conditionally rare, and difficult to im¬
prove upon in an example of this P-mint Eagle.

NGC Census: just 13; with a lone MS-65 Knot. IV corresponding PCGS population is only 7/0.

PCGS# 8735.

878 1899-S MS-63 (PCGS). While obtainable enough in lower Mint State

grades, the 1899-S is a conditionally scarce Eagle in Choice Unc that be¬
comes progressively rarer the higher one advances up the grading scale.
This pretty rose-gold example is fully lustrous and sharply struck. Scat¬
tered abrasions are commensurate with the grade, and they include a
moderate obverse graze at the top of Liberty’s throat.

879 1901 MS-65 (PCGS). An otherwise plentiful issue from the later Lib¬

erty Eagle series, the 1901 is still conditionally scarce in Gem BU. Ap¬
pealing in all regards, this piece is fully lustrous with a pleasingly smooth
“look” to both sides. Sharply impressed throughout with warm, even,
rose-gold color to both sides. A couple of extremely feint alloy spots on
the obverse are hardly worth mentioning.

PCGS# 8747

Captivating 1901-S Liberty Eagle

880 1901-S MS-67 (NGC). A common Libert)' Eagle in an exceptional

state of preservation, this piece belongs in the finest type set of U.S. gold
coinage. Thick, rich, frosty-textured luster is as vibrant and fresh as the
day the coin left the dies. The color that both sides possess is also nothing
short of extraordinary, and it is predominantly rose-gold in shade. We do,
however, note intermingled ice-blue highlights at the obverse denticles,
as well as blended orange-gold color throughout much of the reverse.
Fully struck and Superb, this coin really needs to be seen to be fully
appreciated.

NGC Census: only 25; 0 finer.

PCGS# 8749.

Page 180

Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

881 1901-S MS-66 (PCGS). Beautiful reddish-gold color and swirling

mint frost dominate the outward appearance on both sides of this piece.
A sharp strike is typical for a 1901-S Eagle, but a virtually pristine appear¬
ance to the surfaces is most certainly not. Conditionally rare for both the
issue and the type, this lovely Gem belongs in a high-grade type set. The
PCGS holder is an older variant with a green insert.

PCGS# 8749.

882 1901-S MS-65 (PCGS). Light-to-medium, orange-gold color blankets

both sides with an undeniably original “look” to the surfaces. This piece
also reveals somewhat of a honey-gold cast when the surfaces rotate away
from a light. Sharply struck throughout, with uncommonly few wispy
abrasions for a gold coin of this size.

PCGS# 8749.

883 1903-0 MS-63 (PCGS). CAC. This conditionally scarce example is

free of sizeable or otherwise singularly distracting abrasions. The reverse
actually appears smooth enough to support an even higher grade, and
both sides exhibit full, softly frosted luster. A rose-gold Liberty Eagle
mounted in an older PCGS holder with a green insert.

PCGS# 8753.

884 1905-S MS-62 (PCGS). Otherwise rose-gold color assumes slightly
more of an orange-gold shade at the obverse rim. The strike is uniformly
sharp throughout, and the luster remains vibrant despite a smattering of
grade-defining abrasions.

PCGS# 8758.

Premium Gem
1907 No Periods Eagle

885 1907 No Periods. MS-66 (NGC). As our multiple offerings in this

sale perhaps indicate, the 1907 No Periods is one of the most readily ob¬
tainable Indian Eagles in Mint State. It is also the easiest issue of the No
Motto type to locate in high grades, but we stress that Gems are signifi¬
cantly scarcer than those of the 1926 and (especially) 1932.

A very pretty coin, both sides shimmer with softly frosted luster and
even, yellow-gold color. The strike is essentially full on the reverse and,
while it is a bit blunt in the center of the obverse, it is no more so than
that which is typically seen on examples of this issue. With no more than
one or two essentially insignificant abrasions, this pristine-looking Gem
_, would make a lovely addition to any high-quality set.

PCGS# 8852.

887 1907 No Periods. MS-64 (PCGS). One of the more readily obtain¬
able issues in the Indian Eagle series, the 1907 No Periods was obviously
saved in significant numbers as the first coin of this type to reach the
general public. A great near-Gem type candidate, the present example
possesses rose-gold color to lustrous, softly frosted surfaces. There are no
individually mentionable abrasions, and a bit of mottled haziness is so
light as to hardly be worth mentioning. Well struck by the standards of
the issue, this really is an attractive piece.

PCGS# 8852.

886 1907 No Periods. MS-64 (PCGS). Vibrant and frosty, this attractive

near-Gem alternates between olive-gold and orange-gold shades as the
surfaces rotate under a light. Well struck, with none but a few wispy
abrasions to confirm the grade.

PCGS# 8852.

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Page 181

Tin Aprii 2008 Oi!(.a(,o Rakitii s Sai i • Session Qnk

888 1907 No Periods. MS-64 (NGC). This softly frosted example pos

sesses rose-gold color to overall smooth-looking surfaces. The strike is
well executed for the issue, and the eye appeal is expectably strong in
light of the near-Gem grade from NGC. One of several Choice examples
of this popular first-year issue that we are pleased to present in this sale.

PCGS# 8852.

889 1907 No Periods. MS-64 (NGC). Full, softly frosted luster shimmers

over both sides of this pleasing Indian Ten. The strike is uncommonly
sharp for the issue, especially on the reverse, and none of the wispy, grade-
defining abrasions are worthy of individual attention.

PCGS# 8852.

890 1907 No Periods. MS-63 (PCGS). 1 ight green-gold undertones and
warmer, yellow-gold overtones compete for dominance as the coin rotates
under a light. All angles, however, readily reveal shimmering, softly
frosted luster and a well-executed strike. We guess the original mint finish
would have had to be a bit more vibrant for this coin to grade MS-64 at
PCGS, because there is really not much to report in the way of wispy
abrasions.

PCGS# 8852.

Exceptionally Attractive
1908-D No Motto Indian Eagle

891 1908-D No Motto. MS-64 (PCGS). One of the more underrated

condition rarities in the challenging Indian Eagle series of 1907-1933, the
1908-D No Motto is scarce even at the lowest reaches of Mint State. In
terms of total number of Uncirculated coins known, in fact, David W.
Akers and Jeff Ambio (A Handbook of 20th-Century United States Gold
Coins: 1907-1933, Second Edition, 2008) rank the ‘08-D No Motto as
the 14th rarest of 32 issues in this series. No more than 560 Mint State
examples are believed to have survived, and most of those coins grade no
higher than MS-63. Near-Gems in MS-64 probably number only 35-40
coins, and the population dwindles to just 17-23 pieces in MS-65 and
higher grades.

Minimally abraded and housed in an older PCGS holder with a green
insen, this important condition rarity offers the strongest technical qual¬
ity and eye appeal that we have seen in an ‘08-D No Motto Eagle in
quite some time. This issue usually comes flatly struck with lackluster
surfaces, but the present example is fairly vibrant with pleasing, satin-to-
softly frosted luster. The strike is also impressive, being sufficiently bold
in the center of the obverse and nothing less than sharp on the reverse.
An even endowment of warm, rose-gold color rounds out an extensive
list of impressive attributes.

PCGS Pbpulition: 31; 7 finer.

PCGS# 8854.

892 1909-D MS-63 (PCGS).The 1909-D is one of the unsung condition

rarities in the Indian Eagle series. Only 650-725 Mint State examples
are believed extant (per David W. Akers and Jeff Ambio, A Handbook of
20th-Century United States Gold Coins: 1907-1933, forthcoming 2008
revision to the 1988 edition), and most of those coins top out in MS-63.
Warmly patinated in rose-gold color, the present example is sharply im¬
pressed with good luster quality to both sides. Grade-defining abrasions
are small in size and well scattered, with the result that the overall eye ap¬
peal is not all that far from what one might expect to see in a near-Gem
Indian Eagle.

PCGS# 8863.

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Bowers and Merena Auctions

The April 2008 Chicago Rarities Sale • Session One

895 1915 MS-66 (NGC). As a Philadelphia Mint issue with a respectable

mintage of 351,000 pieces, it should come as no surprise to read that
the 1915 is one of the more readily obtainable Indian Eagles in today s
market. It is far from the most common issue in this series, however, and
Mint State survivors are rarer than those of the 1907 No Periods, 1910,
1910-D, 1911,1912, 1913, 1926 and 1932.

Finer than the typically offered survivor, this premium-quality Gem
is one of perhaps just 20-25 examples that grade higher than MS-65 (this
estimate per Akers and Ambio, 2008). It is comfortably within the lower
Condition Census for the issue with overall smooth, minimally marked
surfaces. Luster quality is excellent, and an even endowment of warm,
yellow-gold color further enhances already memorable eye appeal. Sharp-
to-full in strike, and equally suited for inclusion in a high-grade gold
type set or an advanced collection of Indian Tens. A tiny obverse nick at
the back of Liberty’s cheek should serve as useful pedigree marker.

PCGS# 8878.

Uncommon 1915
Indian Eagle in MS-66

894 1910-S MS-60 (NGC). Rose-gold overtones and vibrant mint luster
enhance the eye appeal of this BU example. A smattering of mostly small-
size abrasions confirm the MS-60 grade, and a thin grease streak (as pro¬
duced) through the lowermost feathers in Liberty’s headdress is also
worth mentioning.

PCGS# 8867.

893

896 1915-S AU-58 (PCGS). A scarce-to-rare coin in all grades, the 1915-
S was produced to the extent of just 59,000 pieces. Of even greater im¬
portance to the elusiveness of this issue in today’s market is the fact that
most examples were either placed into circulation at the time of delivery
or destroyed on authority of the federal government during the 1930s.

The lightest highpoint rub is all that separates the present example from
a full Mint State grade. This is a very appealing coin despite the fact that
it obviously saw some commercial use. Both sides blend rich green-gold
and orange-gold colors over surfaces that retain much of the original mint
luster. Sharply struck and free of significant abrasions, this coin should have
no difficulty eliciting strong bids when it appears at auction.

PCGS# 8879.

898 1916-S MS-64 (NGC). Another exceptional representative of this con¬

ditionally challenging S-mint Eagle, both sides are possessed of full mint
luster with a frosty texture to the surfaces. Otherwise medium-intensity,
orange-gold color assumes somewhat of a rose-gold cast on the obverse
when the coin is held at certain angles relative to a light. Sharply struck
and otherwise quire smooth, a few scattered abrasions on the reverse are
all that seem to be holding this coin back from a full Gem rating. Attrac¬
tive!

NGC Census: 26; 7 finer (MS-65 finest).

PCGS# 8880.

1909-S MS-64 (PCGS). CAC. The vast majority of Mint State 1909-
S Eagles in numismatic circles trace their pedigree to a hoard that sur¬
faced in the 1970s. We hesitate to use the word “hoard” in connection
with this issue, however, as the total Mint State population is still limited
to perhaps just 275-350 pieces. When we further consider that the typical
‘09-S is a baggy MS-60, MS-62 or MS-63, the importance of this un¬
commonly smooth MS-64 becomes even more marked.

Sharply struck with bountiful mint frost, both sides are veiled in
warm rose-gold color. A probable Gem were it not for a thin, scallop¬
shaped distraction in the upper-reverse field, this coin is easily at the
upper reaches of the assigned grade level.

PCGS# 8864.

1916-S MS-64 (PCGS). CAC. “Only” a median rarity in the Indian
Eagle series in terms of total number of Mint State coins known, the
1916-S is a much more challenging issue to locate in higher grades. In
fact, David W. Akers and Jeff Ambio (A Handbook of 20th-Century
United States Gold Coins: 1907-1933, forthcoming 2008 revision to the
1988 edition) account for just 45-50 distinct examples in MS-64. One
of the finest examples in this group, this PQnear-Gem is bursting with
frosty mint luster. The color is a light, even, orange-gold shade that fur¬
ther accents pinpoint striking detail. Uncommonly smooth, even for the
assigned grade, and worthy of inclusion in a high-grade Indian Eagle set
that even includes many MS-65s.

PCGS Population: 33; 15 finer.

PCGS# 8880.

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Page 183

899 1920-S MS-64 (NGC). An undisputed rarity, the 1920-S is one of the most challenging issues to collect in the entire 20th century U.S.
gold coin series. Even circulated examples are exceedingly rare, and it is obvious that virtually the entire mintage of 126,500 pieces was con¬
signed to the melting pot during the gold call in of the 1930s.

In the 2008 revision to the book A Handbook of 20th-Century United States Gold Coins: 1907-1933, David W. Akers and Jeff Ambio ac¬
count for just 25-40 survivors of the 1920-S in all Mint State grades. Such a paltry total confirms this issue as the leading rarity in the Indian
Eagle series from an absolute standpoint. Perhaps surprisingly, many of the survivors are high grade, with the result that the ‘20-S ranks only
fourth in rarity at and above the MS-65 grade level. It is surpassed in that regard by the 1910-S, 1911-D and 1913-S.

This coin appears to be a newcomer to the Condition Census, the cutoff for this issue being at the junction of the MS-63 and MS-64
grade levels. Exceptionally vivid, both sides arc adorned in dominant rose-gold color that, at direct angles, reveals intermingled blushes of
lighter, ice-blue tinting. The luster quality is also impressive, the surfaces bathed in frosty mint bloom that shimmers from rim to rim. The
quality of strike is less-than-impressivc, and we note softness of detail to the central obverse highpoints as well as over the digits in the date.
Oil the other hand, we must stress that these striking characteristics are essentially diagnostic for the issue. Indeed, this cataloger has never
seen nor heard rumor of a sharply impressed 1920-S Eagle. A few scattered abrasions are also noted, and a moderate obverse graze below Lib¬
erty’s eye should help establish the pedigree of this important rarity.

I’CGS# 8881.

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The April 2008 Chicago Rarities Sale • Session One

900 1926 MS-65 (PCGS). Beautiful in all regards, both sides blend or¬
ange-gold and rose-gold colors in a picture of numismatic originality.
Swirling cartwheel frost further enhances already memorable eye appeal,
as does an exceptionally smooth texture that easily upholds the validity
of the Gem grade. Although significantly rarer than the 1932, the 1926
is still one of the preferred type candidates in the conditionally challeng¬
ing Indian Eagle series.

PCGS# 8882.

Double Eagles

Premium Gem 1932 Indian Eagle

904 1852 AU-58 (NGC). Produced in nearly identical numbers, the 1852
is similar in both overall and high-grade rarity to the 1851. Predomi¬
nantly medium-gold in color, this near-Mint example also displays del¬
icate rose-gold overtones that provides a pleasing appearance to both
sides. Sharply struck with only the lightest highpoint rub, there are also
no individually distracting abrasions to report.

PCGS# 8906.

905 1856-S AU-58 (PCGS). Predominantly rose-gold in color, both sides

are still partially lustrous despite having seen light circulation. The devices
also retain plenty of bold-to-sharp striking detail, and there are no par¬
ticularly noteworthy abrasions. All-in-all, this is a nice near-Mint type
candidate from the Type I Double Eagle series.

PCGS# 8919.

901 1932 MS-66 (PCGS). CAC. This impressive Gem is not only pre¬

mium quality for the assigned grade, but it is also premium quality for
an example of the conditionally challenging Indian Eagle type. The
smoothness of the surfaces is what sets this coin apart from the vast ma¬
jority of Mint State 1932 Tens, but we cannot overlook the vibrancy of
the mint frost that blankets both sides. Orange-gold in color, with a
razor-sharp strike to all elements of the design.

PCGS# 8884.

902 1932 MS-65 (PCGS). Overall smooth, and significantly so for the
type, this originally preserved example belongs in a Gem-quality type
set. The color is mostly orange-gold in shade, but we do note the lightest
rose tinting over the central reverse. Sharply struck and otherwise essen¬
tially distraction free, a pair of tiny alloy spots before the reverse eagle
are mentioned solely for accuracy. The PCGS holder is an older variant
with a light-green insert.

PCGS# 8884.

903 1851 AU-58 (PCGS). Using gold mined predominantly in the rich

fields of California, the Philadelphia Mint struck 2 million Double Eagles
in 1851. This is a very scarce issue, nonetheless, and it is typically encoun¬
tered with considerable wear. The present example, on the other hand,
is free of all but the lightest highpoint rub. Considerable portions of satin
luster remain, and the devices are crisply delineated from a well-executed
strike. With no bothersome abrasions, this coin comes highly recom¬
mended for both early-date type purposes and inclusion in a specialized
collection of Liberty coinage.

PCGS# 8904.

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The April 2008 Chicago Rarities Sail * Session One

906 1857-S 20C, Narrow Serif. MS-63 (PCGS). Perfect for Mint State
type purposes, this Type I Twenty exhibits warm rose-gold color within
slightly more vivid orange-gold rim highlights. Sharply struck, and oth¬
erwise frosty in texture, both sides reveal modest hints of brightness in the
fields when the coin dips into a light. There are no individually men-
tionable abrasions, and mottled haziness on the reverse is only really ev¬
ident at a few isolated angles. All-in-all, this is an appealing.
Choice-quality survivor from this famous shipwreck treasure.

PCGS# 8922.

Ex: S.S. Central America.

907 1865-S MS-60 Details—Scratched (ANACS). A relatively pleasing
example, both sides are overlaid in rich reddish-gold color. The luster is
satin-to-softly frosted in texture, and it is quite vibrant in sheen. Fully
struck in most areas, with few enough abrasions to suggest an MS-62 or
MS-63 numeric grade. A few unfortunate pinscratches, however, are
present on the obverse in the date area.

PCGS# 8944.

908 1872 AU-58 PL (NGC). Despite a similar mintage, the 1872 is rarer

than the 1867 in all grades. Minimally worn with uncommonly sharp
definition for a Type II Double Fagle, this piece is also noteworthy due
to th> style of mint finish that both sides display. It is fully prooflike with
bright, shimmering reflectivity in the fields that is readily appreciable at
all angles despite a smattering of abrasions. Most distractions are singu¬
larly inconspicuous, however, and an even overlay of warm rose-gold
color further enhances this coin’s desirability.

NGC Census: just 2 in all grades with a Pmotlikc finish, both of which are AH 58s.

909 1873 Closed 3. MS-61 (NGC). Warm rose-gold color and thick,

frosty-textured luster blanket both sides of this BU example. The strike
is uncommonly sharp for aType II Double Eagle, and there are no more
than the expected number of mostly small-size abrasions for the assigned
grade. The 1873 Closed 3 was included in a delivery of 1.7 million P-
mint Double Eagles reported for that year. The exact number of examples
struck, therefore, is not known with certainty, but given the rarity of ex¬
amples in todays market it must have comprised only a small percentage
of the mintage.

NGC Census: 15; with a mere five finer (MS-62 finest at both this service and PCGS).

there are intermingled rose-gold highlights in and around the centers.
Lustrous and original, with no overly worrisome abrasions that would re¬
move this coin from consideration as a BU type candidate.

PCGS# 8967.

911 1874-CC Winter 1-A. AU-55 (NGC). Green-gold undertones and

orange-gold overtones compete for dominance as the coin rotates under
a light. Much of the original luster remains, and it includes appreciable
semi-reflective tendencies in the fields. A smattering of mosdy small-size
abrasions is commensurate with the grade, and overall bold definition is
sure to endear this coin to type collectors that require an example of CC-
mint Double Eagle production.

PCGS# 8971.

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The April 2008 Chicago Rarities Sale • Session One

Highly Elusive Proof
1881 Liberty Double Eagle

912 1874-S MS-61 (PCGS). Although appreciably rarer than the 1873

Open 3, 1875-S and 1876-S, the 1874-S is still one of the more desirable
type candidates in the Type II Double Eagle series. The issue is very rare
above MS-61, however, and even in this grade it is a scarce coin from a
market availability standpoint. Softly frosted in luster quality with even,
rose-gold color to both sides, the present example is confined to the BU
level by a smattering of mostly small-size abrasions. A concentration of
scrapes on the back of the PCGS holder will surely obscure the lower re¬
verse in our catalog photo, but do not mistake these features for damage
to the coins surface. In fact, the winning bidder might want to consider
having this piece reholdered in order to better appreciate the mintmark
area.

PCGS# 8972.

913 1876-S MS-62 (PCGS). The 1876-S is one of the more frequently

encountered issues in the Type II Double Eagle subseries. The condi¬
tionally challenging nature of this type, however, places extreme collector
demand on Mint State survivors. Nearly in the Choice category, the pres¬
ent example possesses full frosty luster and swirling cartwheel visual ef¬
fects. The strike is overall bold and impressively well executed by the
standards of the Type II design, and none of the grade-defining abrasions
are worthy of singular concern.

PCGS# 8978.

914 1881 Proof—Altered Surface (NCS). This issues original mintage of

61 pieces is double that of the proof 1879 and nearly double that of the
proof 1880. While the proof 1881 is more plentiful than both of those
issues in today’s market, it is still an extreme rarity that is much more
challenging to locate than even the original mintage might suggest. With
no more than 20 coins believed extant, in fact, the proof 1881 must have
been a poor seller in the year of issue. The usual fate of undistributed
proof coins, of course, is wholesale destruction in the Mint.

This is clearly an impaired example, but we stress that the overall ap¬
pearance is really not all that bad. For starters, both sides are fully struck
—x with bold field-to-device contrast that probably would have secured a
Cameo designation had the coin been able to find its way into a PCGS
or NGC holder. The color is also a relatively pleasing orange-gold shade
that assumes more of a honey-gold cast in the fields. While we note sev¬
eral scattered ticks on the obverse, the real problem with this coin is a
plethora of swirling hairlines in the fields that suggests a light tooling or
some other kind of similar mishandling. An important find for the proof
gold specialist, nonetheless, and a coin that is sure to have little difficulty
finding its way into an advanced numismatic holding.

PCGS# 8994.

915 1882-CC Winter 2-B. AU-58 (PCGS). After striking 10,708 coins

in 1879, the Carson City Mint took a two-year hiatus from Double Eagle
production. The next examples of this type struck in the Nevada branch
mint are dated 1882, and they are part of a mintage of39,140 pieces. De¬
spite the limited nature of this delivery, the 1882-CC is one of the more
readily obtainable CC-mint Twenties from the 1880s. The issue, how¬
ever, is rarer than the 1883-CC, 1884-CC and 1889-CC is AU and Mint
State.

Light wear touches only the highpoints and open fields of this or¬
ange-gold example. A lustrous near-Mint Double Eagle with no more
than the expected number of scattered abrasions for a lightly circulated
gold coin from this popular frontier-era Mint.

PCGS# 8997.

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The Aprii. 2008 Chicago Rarities Sale • Session One

916 1882-CC Winter 2-B. AU-58 (ANACS). Sharply struck, both sides

appear to be free of rub from commercial use. There are also relatively few
abrasions scattered about, but a muted, somewhat glossy texture seems
to explain why ANACS knocked this coin down to the AU-58 grade
level. The 1882-CC is far from the rarest issue in the Carson City Mint
Double Eagle series, but it is more challenging to locate than the 1883-
CC, 1884-CC and 1889-CC in grades above EE

PCGS# 8997.

Uncommonly High-Grade
1884-CC Double Eagle

917 1884-CC Winter 1-A, the only known dies. MS-62 (NGC). A1

though a mintage of 81,139 pieces seems limited when compared to the
output of the modern U.S. Mint, the 1884-CC is one of the more ob¬
vious type candidates in the CC-mint Double Eagle series of 1870-1893.
At least 1,250-1,500 coins are believed to have survived in all grades, a
total that includes 100-150 Mint State examples (per Doug Winter and
Jim Halperin, 2001). It is important for us to note, however, that the
1884-CC is not the most common CC-mint Double Eagle. In an ab¬
solute sense, the issue is rarer than the 1874-CC, 1875-CC, 1876-CC
and 1890-CC. In high grades (AU and Mint State), the 1884-CC is also
more elusive than the 1883-CC, 1889-CC, 1892-CCand 1893-CC.

With full mint luster and relatively few abrasions, this BU example
would be very difficult to improve upon in technical quality or eye appeal
for an example of the issue. The color is a blend of warm orange-gold and
rose-gold shades that accent a sharply executed strike. Softly frosted in
texture, this piece is sure to please the discerning gold collector.

1884-CC Winter 1-A, the only known dies. AU-58 (PCGS).
Pretty orange-gold color envelops both sides of this minimally circulated
survivor. Nearly full mint bloom is noted, as are sharp striking detail and
a lack of singularly distracting abrasions. As nice as any near-Mint Dou¬
ble Eagle from the Carson City Mint that this cataloger has described in
recent sales.

1888-S MS-63 (PCGS). Sharply impressed with medium-intensity,
orange-gold color, this coin is a conditionally scarce representative of the
issue. There are not many abrasions in evidence, and the obverse seems
to be particularly smooth in light of the assigned grade. A find for the ad¬
vanced collector that specializes in high-grade Liberty gold coinage.

PCGS# 9009.

1889 MS-62 (PCGS). Soft, satin-to-frosty surfaces possess even rose-
gold color. There appears to be a bit of extremely light haziness to the sur¬
faces, although this feature is not at all distracting. (In fact, it helps to
confirm the originality of this coin.) A sharp strike is also a noteworthy
attribute, as is an uncommonly smooth appearance for a BU-quality
Double Eagle.

PCGS# 90 in

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The April 2008 Chicago Rarities Sale • Session One

924 1893-S MS-64 (PCGS). In an overall sense, the 1893-S is a nonde¬

script issue in the Type III Double Eagle series. Beginning in MS-64,
however, the conditionally challenging nature of this issue comes to the
fore. Uncommonly smooth, this impressive near-Gem is free of all but a
few wispy abrasions. Frosty in the luster category, with otherwise orange-
gold color that assumes somewhat of a hazy-rose cast on the obverse.

PCGS Population: 37; and only one is finer in MS-65.

PCGS# 9024.

926 1899-S MS-63 (PCGS). Swirling mint frost and rich orange-gold
color greet the viewer on both sides. The strike is boldly, if not sharply
executed over all elements of the design, and the number of wispy abra¬
sions is fewer than typically encountered in an example of this S-mint
Double Eagle issue.

925 1898-S MS-65 (PCGS). A conditionally scarce Gem, this ‘98-S is

minimally abraded with full, vibrant, frosty luster. The color is a medium
shade of reddish-gold that is perhaps a bit more vivid on the obverse.
Uniformly sharp in strike, both sides are wholly original and nothing
short of attractive.

PCGS# 9034.

1890-CC Winter 1-A, the only known dies. MS-61 (NGC). An
important offering for the Mint State gold type collector, this CC-mint
Twenty is free of wear with full, if somewhat muted luster. The surfaces
have a predominantly satiny texture, although intermingled frosty char¬
acteristics provides modest cartwheel visual effects when the coin rotates
under a light. Sharply struck with blended khaki-gold and orange-gold
colors, there are no more than the expected number of small and mod¬
erate-size abrasions for the BU grade. Housed in an older NGC holder
with a thick border and large hologram.

PCGS# 9014.

BU 1893-CC Double Eagle

1893-CC Winter 1-A. MS-62 (NGC). Bright, semi-prooflike sur¬
faces reveal scintillating reflectivity in the fields when the coin rotates
under a light. This piece has very pretty medium-gold color that, at in¬
direct angles, assumes an equally original khaki-gold cast. Sharply struck
throughout, with no more than the expected number of wispy abrasions
for the MS-62 grade.

Double Eagle production at the Carson City Mint passed into history
in 1893 with a delivery of 18,402 pieces. With only 750-850+ coins be¬
lieved extant (per Winter and Halperin, 2001), the 1893-CC is among
the scarcer CC-mint issues in the Liberty Twenty-Dollar series. At the
MS-62 grade level, the present example represents the finest in technical
quality that is usually obtainable in a representative of this historic issue.

PCGS# 9023.

1890-S MS-63 (PCGS). Pretty rose-gold and orange-gold colors are
well blended over both sides of this lustrous Double Eagle. Softly frosted
in texture, the surfaces are uncommonly abrasion free for an example of
this otherwise fairly obtainable issue. Conditionally scarce!

PCGS# 9015.

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Page 189

Thf. April 2008 Chicago Rarities Sai i • Session One

927 1901 Proof-66 Cameo (NGC). Fully defined with a satiny texture from the dies, the devices are set against a backdrop of shimmering re¬

flectivity in the fields. This beautiful Gem exhibits uniform yellow-gold color over surfaces that are silent on the subject of grade-limiting
blemishes. A strong candidate to represent the Type III Liberty Double Eagle in a proof type set.

In 1901, the United States Mint in Philadelphia, Pennsylvania struck 96 proof Double Eagles for distribution to contemporary collectors.
Many of the coins seem to have sold, with the result that this is probably the most plentiful proof Double Eagle of the Liberty design in todays
market. It is a sign of the awesome rarity of classic proof gold coinage, however, that the 1901 qualifies for this distinction even though a
mere 40-50 coins are believed to have survived at all levels of preservation.

928 1901 MS-65 (PCGS). This is one of the more readily obtainable Type III Double Eagles, but its certified population in MS-65 is markedly less than that of

the truly common 1904. A sharply struck and fully lustrous Gem, both sides display dominant orange-gold color that softens to rose-gold shades in the centers.
Although some may find them distracting, scattered alloy spots on both sides are as produced and completely original to the coin.

PCGS# 9039.

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The April 2008 Chicago Rarities Sale • Session One

929 1903 MS-64 (PCGS). Light-to-medium, orange-gold color greets the
viewer on both sides of this solidly graded near-Gem. Fully lustrous,
sharply struck and mounted in an older PCGS holder that is identifiable
by a green insert.

PCGS# 9043.

930 1904 MS-65 (PCGS). Otherwise softly frosted in texture, the luster as¬
sumes an extremely modest, semi-prooflike sheen when the surfaces dip
into a light. Medium-gold in color, with sharp striking detail to all ele¬
ments of the design, this smooth-looking Gem should have no difficulty
finding its way into a high-grade type set.

PCGS# 9045.

931 1904-S MS-65 (NGC). Otherwise rose-gold color assumes slightly

more of an orange-gold cast at the borders. The color is evenly distributed
over both sides, and swirling mint frost further enhances already impres¬
sive eye appeal. A sharply struck and smooth-looking survivor of this,
the most plentiful S-mint issue in the Type III Double Eagle series. The
NGC holder is an older variant with a thick border and large hologram.

PCGS# 9046.

932 1905 Proof-55 (NGC). Despite a similar mintage, the proof 1905 (92

pieces produced) is considerably rarer than the proof 1904 (98 coins
struck). It is likely that only 30-40 examples survive, and they enjoy
heightened demand among Double Eagle date collectors due to the rarity
of the low-mintage business strike 1905.

The coin that we are offering here is slighdy impaired due to the pres¬
ence of light highpoint rub and a smattering of wispy contact marks that
cloud the reflectivity in the fields. Remnants of a uniformly brilliant fin¬
ish, however, are still discernible when the coin dips into a light. Addi¬
tionally, most of the handling marks are small in size and singularly
inconspicuous. As a more affordable example of the year’s proof Double
Eagl e delivery or a rarer alternative to an AU 1905, this lightly circulated
specimen represents an important bidding opportunity for the advanced
numismatic buyer.

PCGS# 9121.

933 1905-S MS-64 ★ PL (NGC). Rich, deeply set, rose-gold color blan¬

kets both sides of this coin. The color, however, is not readily appreciable
in the fields under direct light, such angles calling forth noticeable re¬
flectivity that easily upholds the validity of the PL designation. Even in¬
direct angles provide some measure of contrast between the fields and
devices, the latter features frosty in texture with a pleasingly sharp strike.
Free of individually conspicuous abrasions.

NGC Census: unique with the combination of a ★ designation and Prooflike finish.

David Hall
Founder of PCGS

nr r
i v. -y

View David Hall's Opinions About This Auction

Under special arrangement and for a limited time only,
David Hall will talk on video about coins offered
in this Bowers and Merena auction.

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Questions? E-mailauction@bowersandmerena.com

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Page 191

TheAprii 2008 Chicago Rarities Sali • Session Onoe

Awe-Inspiring MCMVII High Relief Double Eagle

A Conditionally Rare MS^66 of the Flat Edge Variety

934 MCMVII (1907 ) High Relief. Flat Edge. MS-66 (PCGS). After the Ultra High Relief design proved impractical for regular-issue pro¬
duction, the Mint produced the new Saint-Gaudens Double Eagle in the High Relief format. Conventional numismatic wisdom has it that
these coins were struck almost exclusively at the insistence of President Theodore Roosevelt, who was becoming increasingly perturbed at
the delay in placing the new Double Eagle into circulation. Although that story makes for interesting reading, we doubt its veracity, particularly
since the High Relief coins never found their way into general circulation. The impracticably of the type for such usage certainly cannot be
discounted, but the real reason why the High Relief Double Eagle did not circulate seems to be that the coins were simply too beautiful to
be used for any purpose other that as presentation pieces. Indeed, virtually all High Relief Twenties were distributed in this manner, either
by the president himself or through officials in the Mint or at the Treasury Department.

Since the issue never experienced the rigors of commercial use, it should come as no surprise to read that many of the 12,367 High Relief
Double Eagles struck have survived to the present day. The typical example, however, tops out at the MS-64 grade level—a fact that confirms
the conditionally rare status of this premium-quality (iem. A breathtakingly beautiful example, both sides possess full, satiny mint bloom
over smooth, virtually pristine surfaces. Warm medium-gold color evenly blankets both sides and further accents an already impressively sharp
strike.

In addition to its status as a condition rarity, this coin is significant because it displays a flat edge to the rim. Most High ReliefTwenties
were produced with a wire rim.

935 1907 Arabic Numerals. MS-65 (PCGS). Conditionally scarce for

an example of this important first-year issue in the Saint-Gaudens Dou¬
ble Eagle series, this Gem Arabic Numerals is bathed in full, softly frosted
luster. Rose-gold color also evenly blankets both sides, and there is not
much to report in the way of tiny, well-scattered abrasions.

PCGS# 9141.

936 1907 Arabic Numerals. MS-65 (PCGS). Lovely medium-gold color

blankets both sides, the surfaces revealing some intermingled light-orange
highlights at select angles. The luster is full, the devices are well struck and
there are no distracting abrasions. In sum, this is an attractive, solidly
graded Gem that is sure to please.

PCGS#914I.

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The April 2008 Chicago Rarities Sale • Session One

937 1907 Arabic Numerals. MS-64 (PCGS). Rose-gold in color, both
sides are fully lustrous with expectably few abrasions for the assigned
grade. Housed in an older PCGS holder with a green insert.

PCGS#9l4l.

938 1908 No Motto. MS-66 (NGC). Whereas the obverse is rose-gold in

color, the reverse has deeper, orange-gold patina. Both sides, however,
are equally lustrous with a smooth, softly frosted texture. The central
highpoints are softly impressed—a fairly common characteristic for the
‘08 No Motto Twenty.

PCGS# 9142.

939 1908 Motto. Matte Proof-67 (NGC). The extant population of proof 1908 1 )ouble Eagles—already limited in an absolute sense—dwin¬
dles to just 25-30 coins in grades above Proof-65. As a no-questions Superb Gem, this gorgeous specimen would make an impressive addition
to any high-quality type or date set of proof U.S. gold coinage.

Both sides of this coin display the dark, khaki-gold color that characterizes virtually all known examples of the proof 1908 Double Eagle.
The surface texture is also diagnostic for the matte proof version of this issue, displaying as it does a coarse-grain texture that does not reflect
the light in the same manner as, say, a sandblast proof 1911,1912 or 1913 gold coin. Pinpoint striking detail touches even the most intricate
elements of the design There are no distracting or grade-limiting “shiny spots” to either side, and the technical quality is impressive in all re¬
gards.

NGC Census: only 9; with a mere two finer. PCGS reports no examples above the Proof-66 level.

PCGS# 9205.

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The April 2008 Chicago Rarities Sale * Session One

Rich, Handsome 1908 Matte Proof Double Eagle

940 1908 Motto. Matte Proof-64 (PCGS). The first proof Saint-Gaudens Double Eagle that the Mint offered to the general public, the 1908 Motto was

produced almost exclusively with a dark matte finish. This issue differs from the matte proof Double Eagles struck from 1911 through 1915 in that the surface
granules are larger with more of a coarse-grain texture. While many of today’s numismatists fully appreciate the beauty of these coins, the matte finish proved
disappointing with the contemporary public and led to a drastic reduction in collector sales for the following issues in the proof Saint-Gaudens Double Eagle
series. Enough examples of die 1908 were ordered, however, that this is now one of the more frequently encountered proofs of the type.

With just 65-80 coins believed to have survived in all grades, however, we cannot describe the proof 1908 as a common coin in any sense of the term. In
fact, this is a legitimately rare issue that is the province of advanced numismatic buyers. Deep, rich, copper-honey color blankets both sides of this appealing
near-Gem. The surface texture is characteristic of the issue with fairly dark color and a coarse-grain finish. On the other hand, this piece differs from the norm
in that there are not many “shiny spots” (read: breaks in the mint finish) from grade-limiting contact marks. The overall appearance, in fact, is nearly in the
Gem category, and a razor-sharp strike further enhances already pleasing eye appeal.

PCGS Population: 15; 9 finer (Proof-66 finest at this service).

PCGS# 9205.

Gem 1908 Motto Double Eagle

941 1908 Motto. MS-65 (PCGS). Although much rarer than the 1908

No Motto, die 1908 Motto (only 156,258 pieces were produced) is still
more-or-less easy to obtain in the MS-60 to MS-64 grade range. Gems
are another matter entirely, however, with David W. Akers and Jeff
Ambio (forthcoming 2008 revision to the 1988 book A Handbook of
20th-Century United States Gold Coins: 1907-1933) accounting for just
40-50 examples in MS-65.

This is one of the nicest ‘08 Motto Double Eagles that this cataloger
has handled in recent memory. The surfaces are free of a significant num¬
ber of abrasions, and those that are present are small in size and anything
bin distracting. The color is predominantly an olive-khaki shade, but
there is an overlay of warmer orange-rose tinting that tends to dominate
the outward appearance at direct angles. Sharply struck and satiny, this
coin would make a fitting addition to any high-quality set.

PCGS# 9U7.

942 1908-D Motto. MS-65 (PCGS). Sharply, if not fully struck, this coin

allows ready appreciation of this inspired design. The luster is a blend of
satin and softly frosted characteristics, and it is sufficiently vibrant to jus¬
tify the MS-65 grade. This coin is overall smooth, of course, and the
color is a pleasing, if light rose-gold shade.

PCGS# 9148.

943 1908-D Motto. MS-65 (PCGS). Softly frosted in texture, the luster

is full and, in conjunction with warm rose-gold color, dominates the out¬
ward appearance on both sides of this appealing Gem. Pleasingly sharp
in strike, particularly on the reverse, this coin is also expectably free of dis¬
tracting bagmarks for the assigned grade.

PCGS# 9148.

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Low-Mintage
1908-S Double Eagle

944 1908-S MS-62 (PCGS). Produced to the extent of just 22,000 pieces,
it is understandable that the 1908-S would rank as one of the key-date
issues in the Saint-Gaudens Double Eagle series. Only 210-275 coins
are believed extant in all Mint State grades, a total that confirms the ‘08-
S as the 12th rarest of 53 business strike issues in this series. Particularly
impressive in this regard is the fact that the 1908-S is rarer in Mint State
that the 1925-D, 1925-S and 1926-S—issues that suffered widespread
melting in the Mint during the gold call-in of the 1930s.

Typically sharp in strike, this BU example exhibits pretty reddish
highlights to otherwise orange-gold surfaces. Softly frosted in luster qual¬
ity, with a suitably vibrant sheen in the context of the assigned grade. Al¬
though somewhat scuffy, as one should perhaps expect for a Double
Eagle of any type in MS-62, the surfaces are actually overall free of sin¬
gularly conspicuous abrasions. All-in-all, this is a relatively pleasing ex¬
ample that would fit nicely into any Mint State set of 20th century gold.

PCGS# 9149.

Conditionally Scarce
1909/8 Double Eagle

945 1909/8 MS-64 (NGC). Although a legitimately scarce issue in MS-64,
the real desirability of this coin stems from the fact that it is an example
of the only overdate in the entire 20th century United States gold series.
While the typical piece is quite softly defined on the obverse, this coin is
pleasingly bold in strike on both sides. Full, softly frosted luster and
warm, orange-gold color blanket both sides and provide pleasing eye ap¬
peal. There is also little to report in the way of wispy abrasions, and the
validity of the MS-64 grade seems assured in our minds. This is an ex¬
tremely rare overdate in MS-65—a fact that speaks volumes about the
importance of this near-Gem for collectors of high-quality gold.

NGC Census: 36; with a mere 15 finer through MS-66.

PCGS# 9151.

946 1909/8 MS-63 (PCGS). Here’s an appealing Choice representative of

the only overdate in the entire 20th century United States gold-coin se¬
ries. Both sides possess warm rose-gold color to the surfaces, the luster
having a decidedly satin texture. Scattered grade-defining abrasions are
mostly small in size and singularly inconspicuous, although a couple of
reeding marks over the lower-right obverse are noted for accuracy’s sake.

PCGS# 9151.

Ex: Kutasi. Later from Heritage’s sale of the Worth Bruntjen Collection, January

2006, lot 5869.

Remarkably Smooth
1909 Double Eagle

947 1909 MS-65 (PCGS). A significant, if underrated condition rarity in

the Saint-Gaudens Double Eagle series, the 1909 is more challenging to
locate as a Gem than the low-mintage 1908-S and the more highly re¬
garded 1932. (These assessments are credited to David W. Akers and
Jeff Ambio in the 2008 revision to the 1988 book A Handbook of 20th-
Century United States Gold Coins: 1907-1933.) Ranking 21st in high-
grade rarity among the 53 business strike issues in this series, the 1909
has an extant population in MS-65 of just 20-25 coins. Examples that
grade higher are even rarer, and they number just eight-to-10 pieces.
These limited totals confirm the 1909 as the rarest of the low-mintage
Philadelphia Mint Double Eagles produced from 1908-1920 in high
grades with the exception of just the 1913 and 1920.

Typically sharp in strike for the issue, this important condition rarity
is bathed in soft mint frost and warm orange-gold color. Otherwise
smooth in outward appearance, there is a small obverse abrasion over
Liberty’s left (facing) thigh that we mention solely for pedigree purposes.

PCGS Population: only 20; with a mere six finer.

PCGS# 9150.

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The April 2008 Chicago Rarities Sam • Session One

948 1909 MS-64 (PCGS). Medium-intensity, orange-gold color dominates

the outward appearance, but we do see warmer honey-gold undertones
when the coin turns away from a light. Sharply struck with full, softly
frosted luster, this solidly graded near-Gem is housed in an older PCGS
holder with a green insert.

PCGS# 9150.

Satiny Near-Gem 1909-D Twenty

949 1909-D MS-64 (PCGS). The 1909-1) is one of the most challenging

Saint-Gaudens Double Eagles to collect, and it ranks 15th in terms of
both overall and high-grade rarity out of the 53 business strike issues in
this series. This bright, satiny near-Gem represents the finest in quality
that is usually obtainable in an example of the ‘09-D, such is the rarity
of the issue in MS-65 and higher grades. The color alternates between
honey-gold and medium-gold shades as the coin rotates under a light,
and we also note some light orange-rose highlights that become evident
at a few isolated angles. Essentially full in strike, with perhaps just one or
two stray abrasions precluding an even higher grade.

PCGS# 9152.

Low-Mintage

1909-D Saint-Gaudens Twenty

950 1909-D MS-64 (PCGS). A low-mintage rarity from the early Saint

Gaudens Double Eagle series, the 1909-D was produced to the extent of
just 52,500 pieces. Only 525-675 of those coins are believed to have sur¬
vived in all Mint State grades, most of which have been repatriated from
European and Latin American bank reserves beginning in the 1960s.
Today, the 1909-D is ranked as the 15 th rarest of the 53 issues in this se¬
ries in terms of total number of Mint State coins known. It is more highly
regarded than such other San Francisco Mint deliveries of this type as
the 1909-S, 1911-S, 1913-S, 1916-S, 1922-S, 1924-Sand 1926-S.

Unlike most Uncirculated examples that we have handled, the coin
in this lot is nearly in the Gem category with overall smooth-looking
surfaces. Warm orange-gold rim highlights frame otherwise rose-gold
surfaces. The luster is full and softly frosted in texture, if not overly vi¬
brant, and the strike is sharply executed throughout. Another important
offering for the advanced collector of 20th century United States gold
coinage.

PCGS# 9152.

95 1 1909-S MS-65 (PCGS). Vibrantly lustrous, both sides have a rich,

frosty texture to the mint finish that provides swirling cartwheel visual ef¬
fects when the coin rotates under a light. Medium rose-gold color accents
overall smooth, smartly impressed features. In the finest Mint State
grades, the 1909-S is rarer than such other Double Eagles as the 1910-
D, 1911-S, 1913-D, 1914-D and 1916-S.

PCGS#9I53.

> ■ i v» -/

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in this Bowers and Merena auction.

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The April 2008 Chicago Rarities Sale • Session One

952 1909-S MS-65 (PCGS). Lovely rose-gold color greets the viewer on

both sides, as does a full endowment of frosty mint luster. Every bit the
Gem, this sharply struck example is silent on the subject of mentionable
abrasions.

PCGS# 9153.

953 1909-S MS-64 (PCGS). Otherwise orange-gold surfaces reveal a bit

of pale, rose-gold tinting to the reverse. This is a sharply struck near-
Gem that is hilly lustrous with overall smooth-looking surfaces. A few
wispy abrasions in the right-obverse held, however, are perhaps worthy
of mention.

PCGS# 9153.

954 1911 MS-63 (PCGS). Orange-gold color evenly blankets lightly
abraded surfaces. This coin is solidly in the Choice category, and none
of the grade-defining bagmarks are large in size or otherwise singularly
conspicuous. Sharply struck, and highly lustrous.

PCGS# 9157.

955 1911-D MS-65 (PCGS). As one of the more readily obtainable mint-
marked issues in the Saint-Gaudens Double Eagle series, the 1911-D is
a strong candidate for inclusion in an advanced type set. Here’s a lovely
Gem, both sides possessing softly hosted luster and pretty rose-gold color.
Sharply struck, and free of even a single distracting abrasion. The PCGS
holder is an older variant with a green insert.

PCGS# 9158.

956 1911-S MS-65 (PCGS). Light rose-gold color blankets both sides and

warms to an equally light, orange-gold shade over the rims. Uncom¬
monly vibrant in the luster category, this piece is also exceptionally
smooth for an example of this early S-mint issue in the Saint-Gaudens
Double Eagle series.

PCGS# 9159.

957 1911-S MS-65 (PCGS). Lustrous and original, this Gem is silent on

the subject of distracting bagmarks. The surface texture is a bit granular,
but we stress that this feature is indicative of the luster quality imparted
from the dies during striking. Smartly impressed throughout, and defi¬
nitely attractive.

PCGS# 9159.

958 1911-S MS-65 (NGC). Both sides are reddish-rose in color with full

mint bloom, sharp striking detail and a noteworthy lack of distracting
abrasions. A conditionally scarce Gem from an otherwise relatively plen¬
tiful S-mint issue in the Saint-Gaudens Double Eagle series.

PCGS# 9159.

959 1912 MS-64 (PCGS). Pretty rose-gold color blankets lustrous, softly
frosted surfaces. A sharply executed strike is definitely a noteworthy at¬
tribute, as is an overall lack of distracting abrasions. There are a few light
reverse grazes over and below the eagle, however, these being the only
individually mentionable bagmarks.

PCGS# 9160.

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Page 197

Thk April 2008 Chicago Rarities Sale • Session One

960 1913 MS-64 (PCGS). Scarce-to-rare in all grades, the 1913 is a low

mintage Double Eagle with just 168,780 business strikes produced. Since
Gems are extremely rare and seldom encountered in todays market, this
premium-quality MS-64 represents an important buying opportunity
for the quality-conscious collector. The technical merits are very sound,
and we note full mint luster to overall smooth-looking surfaces. Addi¬
tionally, most of the few abrasions that are present are widely scattered,
and two wispy grazes at the base of the obverse olive branch are only
really mentioned for pedigree purposes. Otherwise reddish-gold in color,
splashes of hazy-rose tinting through the centers further confirms the
originality of this appealing near-Gem. Sharply struck.

PCGS# 9161.

From Ira and Larry Goldbergs' sale of the Dr. Robert Hesselgesser Collection, Sep¬
tember 2007, lot 3513.

961 1913 MS-64 (PCGS). Evenly endowed with orange-gold color and

rich, frosty-textured luster, this coin represents the finest in technical
quality and eye appeal that is usually obtainable in an example of this
low-mintage Double Eagle issue. Sharply struck throughout, with none
but a few wispy, well-scattered abrasions in evidence.

962 1913 MS-63 (NGC). From a limited mintage of just 168,780 business

strikes comes this Choice 1913 Double Eagle. Both sides possess full
mint bloom and warm, original, orange-gold color. The strike is equally
sharp throughout but, while the reverse is quite smooth, the obverse re¬
veals numerous small-size abrasions that undoubtedly explain the MS-
63 assessment from NGC.

Unsurpassable
1913-D Double Eagle

963 191 3-D MS-66 (NGC). One of the more elusive Denver Mint issues

in the pre-1923 Saint-Gaudens Double Eagle series, the 1913-D is more
challenging to collect than the 1910-D, 1911 -D and 1914-D. With
4,900-5,900 coins believed extant in Mint State, however, the 1913-D
really cannot be classified as a major rarity in an absolute sense. The sit¬
uation changes drastically above the MS-65 grade level. In fact, David
W. Akers and JefFAmbio (2008) account for only eight-to-10 examples
in the finest Mint State grades, and all of those coins grade MS-66.

Solidly in the Condition Census, this impressive example exhibits even
orange-gold color over softly frosted, slightly granular features. The latter
characteristic is nothing to be alarmed about, as the vast majority of 1913-
D Double Eagles are characterized by this style of mint finish. All areas are
sharply impressed from the dies, and there is not a single abrasion that
would call into question the validity of the premium Gem grade.

(ombincd PCGS and NGC Population: only 11 (resubmissions likely); and none arc finer.

PCGS# 9162.

964 1913-D MS-65 (PCGS). Well struck with good luster, this coin is also

praiseworthy from the standpoint of color. The surfaces are overlaid in
even rose-gold shades that speak volumes about the originality. As a Gem,
of course, both sides are overall smooth with no abrasions that are really
worthy of singular mention. Conditionally scarce for an example of this
early Denver Mint issue in the Saint-Gaudens Double Eagle series.

PCGS# 9162.

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The April 2008 Chicago Rarities Sale • Session One

965 1913-D MS-65 (PCGS). Light rose-gold color envelops both sides

and provides pleasing eye appeal for this highly desirable Gem. Fully lus¬
trous with a satin-to-softly frosted texture, there are also no abrasions
that would call into question the validity of the assigned grade. Rarer
than the 1910-D, 1911-D and 1914-D, the 1913-D can be particularly
challenging to locate in grades above the MS-64 level.

PCGS# 9162.

966 1913-S MS-64 (PCGS). One of the most instantly appealing issues in

the early Saint-Gaudens Double Eagle series, the 1913-S is a low-mintage
delivery with a mere 34,000 pieces struck. Bursting with full, frosty mint
luster and warm, orange-gold color, this is a solid near-Gem with strong
eye appeal. Expectably sharp in strike for an example of the issue, we see
this coin selling for a strong bid on the day of the auction.

PCGS# 9163.

967 1913-S MS-64 (PCGS). Orange-gold in color, and nearly in the Gem
category with only a few small, wispy abrasions scattered about. The
overall strike is sharp, and the only mentionable lack of detail is confined
to the word UNITED on the reverse. There is actually an area of Mint-
made roughness along the upper-left reverse border that obscures the let¬
ters in that word. This feature is also seen quite often on 1913-S Eagles,
but it is always present along the lower-left obverse border of the Tens and
not on the reverse, as seen here.

PCGS# 9163.

Exquisite Gem
1914 Double Eagle

968 1914 MS-65 (PCGS). CAC. A very scarce issue in all grades, the low-
mintage 1914-P Double Eagle is a particularly significant find in MS-
65. In the forthcoming revision to the 1988 book A Handbook of
20th-Century United States Gold Coins: 1907-1933 , David W. Akers and
Jeff Ambio account for just 50-60 survivors at the MS-65 grade level.
Virtually unsurpassable in grade, these conditionally rare Gems represent
v. the finest in technical quality and eye appeal that most collectors can
ever hope to acquire in a 1914 Twenty.

Richly original, orange-gold color blankets both sides of this impres¬
sive Gem. The surfaces are overall smooth and seemingly just one or
two scattered abrasions away from an MS-66 rating. Sharply struck and
wholly lustrous, we can think of few other coins that would better rep¬
resent this issue in an advanced 20th century gold set.

PCGS Population: 36; 3 finer (MS-66 finest).

PCGS# 9164.

NGC-Certified 1914
Double Eagle in MS-65

969 1914 MS-65 (NGC). Another exceptional, Gem-quality representative
of this low-mintage Philadelphia Mint Double Eagle, this 1914 is bathed
in rose-gold color. The eye appeal is expectably strong for the assigned
grade, the surfaces possessed of foil mint frost but void of all but a few
small, well-scattered abrasions. Sharply struck and attractive.

NGC Census: 27; with a lone MS-66 finer.

PCGS# 9164.

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Tin Aprii 2008 Chicago Rarities Sau • Session One

973 1914-D MS-65 (PCGS). An original rose-gold example, both sides

combine full mint bloom and an overall smooth-looking appearance in
a picture of true Gem quality. Sharply struck, as well, and sure to please
the collector of high-grade “Saints.”

974 1914-0 MS-65 (PCGS). Rich, deeply set, orange-khaki color envelops

both sides of this wholly original example. The luster is full, and it is of
the frosty type that is usually seen for the ‘ 14-D Double Eagle. There are
no abrasions that would call into question the validity of the Gem assess¬
ment.

PCGS# 9165.

975 1914-0 MS-65 (PCGS). Highly lustrous and uncommonly smooth,

both sides readily uphold the validity of the Gem assessment. We have
no complaints about the strike, all features being pleasingly sharp in de¬
tail, and the color is quite attractive with a medium rose-gold tint.

PCGS# 9165.

970 1914 MS-64 (PCGS). Even, medium-gold color and softly frosted

luster blanket both sides of this attractive near-Gem. With a sharp strike
and relatively few abrasions scattered about, this coin is sure to have no
difficulty finding its way into a high-grade set of Saint-Gaudens Twen-

PCGS#9164.

971 1914 MS-64 (PCGS). Pretty orange-gold color dominates the outward

appearance, although indirect angles reveal faint traces of equally original
green-gold undertoning. Not even close inspection, however, reveals any
individually mentionable abrasions, and the overall appearance is actually
quite smooth even in the context of the MS-64 grade. Sharply struck
and highly attractive.

PCGS# 9164.

972 1914 MS-64 (NGC). With just 95,250 pieces produced, the 1914 has

the lowest mintage of the scarcer P-mint Double Eagles struck from 1909
through 1915. Most Mint State survivors grade no finer than MS-63, so
we are particularly pleased to report that the present example is bumping
up against the Gem level. Rich olive-khaki color envelops both sides, the
surfaces of which are also adorned with more vivid reddish-rose over¬
tones. Softly frosted in luster quality, with a sharp strike and no abrasions
of note.

PCGS# 9164.

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The April 2008 Chicago Rari ties Sale • Session One

Gem 1915 Double Eagle

Tied for Finest Known

976 1915 MS-65 (NGC). Really a beautiful example, both sides are adorned

in billowy mint frost that provides pleasing cartwheel visual effects as the
surfaces rotate under a light. The dominant color is a rich, deeply set, green¬
ish-gold shade, but we do note some intermingled coppery-rose tinting at
select angles. A sharply executed strike and overall abrasion-free features
round out an important list of Gem-quality attributes.

The low-mintage 1915 is almost always seen in the MS-60 to MS-
63 grade range. The occasional MS-64 does turn up in major auctions
and at large conventions, however, but coins that grade any finer are very
rare from a condition standpoint. The Gem in this lot, in fact, is one of
only 60-70 MS-65s believed extant, and it is unsurpassable in grade at
either of the two major certification services.

NGC Census: 42; and none are finer at either this service or PCGS.

PCGS#9167.

977 1915 MS-64 (PCGS). CAC. A low-mintage issue with just 152,000
business strikes, the 1915 is equally as elusive as the 1914 and more chal¬
lenging to locate than the 1911. This pleasing near-Gem represents the
finest in technical quality and eye appeal that is usually obtainable in an
example of the issue. Both sides exhibit even orange-gold color and softly
frosted luster over boldly impressed features. There are no sizeable or in¬
dividually distracting abrasions to report.

PCGS# 9167.

978 1920 MS-64 (PCGS). CAC. An issue that is virtually unobtainable
any finer than the present grade, the premium-quality assessment from
CAC is particularly important for this 1920 Double Eagle. A lovely near-
Gem, both sides blend rose-gold and orange-gold shades over softly
frosted surfaces. Overall sharply struck, there are no individually men-
tionable abrasions to inhibit the eye appeal.

PCGS# 9170.

979 1920 MS-64 (PCGS). Pleasingly smooth, and more so even for the as¬
signed grade, this coin is bumping up against a full Gem grade. A bit of
light haziness to the obverse is noted, however, but the eye appeal is noth¬
ing short of strong in all regards. Swirling mint frost, sharp striking detail
and original rose-gold color further enhance the desirability of this al¬
ready attractive Double Eagle.

PCGS# 9170.

980 1920 MS-64 (PCGS). This medium-gold example is a comfortable
near-Gem with swirling cartwheel visual effects to both sides. The texture
is decidedly frosty in texture, and it helps to accent a sharply executed
strike. Only small, wispy abrasions are scattered about, and they do little
more than define the MS-64 grade.

PCGS# 9170.

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Tin Aprii 2008 Chicago Rarities Sali • Session One

PCGS# 917

1920-S MS-62 (PCGS). A prime rarity in the Saint-Gaudens Double Eagle series, the 1920-S was not widely distributed at the time of deliver)'. Rather,
virtually the entire mintage remained locked in federal vaults until the 1930s, when it was destroyed on presidential order as part of the gold recall. Today, only
65-75 Mint State coins are believed to exist. Such a limited total confirms the 1920-S as the rarest Saint-Gaudens Twenty after only the 1927-D, 1930-S and
1921. The final-year 1933 is also rarer than the 1920-S, of course, but with just one example available for private ownership the issue is rightly regarded as
noncollectible.

The extreme rarity of this issue in all Mint State grades would be sufficient to confirm the importance of this BU example in its own right. This is an
exceptionally attractive coin in the context of the assigned grade, however, and it would fit nicely into a collection of mostly Choice-quality coins. There is
not much to report in the way of wispy, well-scattered abrasions, and few that are present are outwardly distracting. Luster quality is also pleasing, and it is
frosty in texture with considerable vibrancy even despite a bit of pale, mottled haziness on the obverse. Sharply struck throughout, with pretty reddish-gold
and rose-gold colors that certainly help to confirm this coin as one of the nicest MS-62s available for the issue.

982 197.2 MS-65 (PCGS). This attractive Gem is smooth in outward ap¬

pearance with a full endowment of frosty mint luster. Otherwise green-
gold in color, indirect angles do reveal more deeply set, khaki-gold
undertones.

PCGS# 9173.

983 1922 MS-65 (PCGS). A sharp strike and rich rose-gold color are sure

to endear this coin to gold type and date collectors. The surfaces are also
solidly in the Gem category with billowy mint frost and a noteworthy
lack of distracting abrasions.

PCGS# 9173.

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The April 2008 Chicago Rarities Sale • Session One

984 1922 MS-65 (PCGS). This smartly impressed Gem alternates between

khaki-gold and rose-gold colors as the surfaces rotate under a light. An
overall smooth-looking example with a bit of light haziness that is imper¬
ceptible to the eye at most angles.

PCGS# 9173.

985 1922 MS-65 (PCGS). Attractively original, both sides possess warm

rose-gold color with the lightest hazy tinting evident at indirect angles.
The luster is full and frosty, and it provides modest, yet appreciable cart¬
wheel visual effects when the coin rotates under a light.

PCGS# 9173.

986 1922 MS-65 (PCGS). Every bit the Gem, this highly lustrous example
shimmers with a bright, satiny mint finish. There are no bothersome
abrasions, as befits the assigned grade, and a sharp strike allows full ap¬
preciation of this timeless design from Augustus Saint-Gaudens.

PCGS# 9173.

987 1922 MS-65 (PCGS). The 1922 is much rarer in Gem Mint State
than the P-mint Double Eagles struck from 1924 through 1928. This at¬
tractive example exhibits orange-gold color and full mint luster over
sharply impressed features. There are no significant abrasions, as one
should demand for the assigned grade.

PCGS# 9173.

988 1922-S MS-64 (PCGS). In terms of total number of Mint State coins
known, the 1922-S is a median rarity in the Saint-Gaudens Double Eagle
series. This near-Gem represents the finest in technical quality that is
usually obtainable in todays market. Wholly lustrous and original, both
sides exhibit predominantly orange-rose color. The strike is a bit soft on
the reverse, but it is appreciably bold on the obverse. While scattered
abrasions are commensurate with the grade, some may find a smattering
of alloy spots to be an unnecessary detraction to the eye appeal.

PCGS# 9174.

990 1923 MS-65 (PCGS). Warm, original, rose-gold color envelops both

sides are provides strong eye appeal for this lovely Gem. Of course, the
color is helped in this regard by a full endowment of mint luster and
smooth, nearly distraction-free surfaces. Although it is often grouped
with the P-mint Double Eagles struck from 1924 through 1928, the
1923 is actually a much rarer issue that is surprisingly scarce in Gem
Mint State.

PCGS# 9175.

1923 MS-65 (PCGS). Vibrantly lustrous with a frosty texture to both
sides, this coin is sure to have no difficulty finding its way into a high-
grade type set of U.S. gold. There are no distracting abrasions, although
accuracy does compel us to mention a small reverse alloy spot in the field
below the eagle’s head.

PCGS# 9175.

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Page 203

The April 2008 Chicago Rarities Sale • Session One

991 1923 MS-65 (PCGS). With rich, full-bodied color, vibrant luster and

smooth-looking surfaces, this coin would accept nothing less than a Gem
rating. Sharply struck, as well, and sure to please.

PCGS# 9175.

992 1924 MS-64 (PCGS). Essentially a full Gem, this coin is lustrous,

smooth and mounted in a first-generation PCGS slab. Otherwise or
ange-gold color blends with softer rose-gold highlights in and around
the centers.

PCGS# 9177.

Semi Key-Date
1924-D Double Eagle

Rarely Encountered Gem
1924-S Double Eagle

994 1924-S MS-65 (NGC). With just 12-15 coins believed extant in MS-

65 and higher grades, the 1924-S is the ninth-rarest Double Eagle of
this type at the finer levels of Mint State preservation. Definitely in the
Condition Census, this coin displays rose-gold obverse color and slightly
softer, medium-gold overtones on the reverse. Both sides are equally free
of grade-limiting abrasions, an overlay of full, softly frosted luster also
confirming the validity of the Gem grade. Well struck, as typically seen
in an example of the issue, with exceptional technical quality and eye ap¬
peal that is sure to endear this coin to the advanced collector of 20th
century gold types.

NGC Census: 19; with a single MS-66 finer.

PCGS# 9179.

993 1924-D MS-64 (NGC). One of several heavily melted, mintmarked

Double Eagles from the mid-to-late 1920s, the 1924-D is nowhere near
as plentiful as an original mintage of 3 million coins might imply. At one
time, indeed, this issue was regarded as a leading rarity in the Saint-Gau-
dens series. Then a few small hoards began to emerge overseas, eventually
confirming the 1924-D as only a median rarity in this series. The major¬
ity of hoard coins, however, are heavily abraded and confined to the MS-
60 to MS-63 grade range. Near-Gems in MS-64 remain scarce, as such,
and the issue is very rare any finer.

This lovely example exhibits frill, vibrant, frosty mint luster over
lightly abraded surfaces. None of the scattered bagmarks are out of con¬
text with the assigned grade, and the eye appeal gains further strength
from a ra/or-sharp strike. Rose-gold in color, and pleasing to the eye.

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The April 2008 Chicago Rarities Sale • Session One

Conditionally Rare
1924-S Double Eagle

995 1924-S MS-64 (PCGS). An original mintage of 2.9 million pieces can

be safely discounted when it comes to evaluating the rarity of the 1924-
S Double Eagle in today’ market. Virtually the entire mintage was con¬
signed to the melting pot during the gold call in of the 1930s, and no
more than 750 coins are believed to have survived in all Mint State
grades. Most of those coins have been repatriated from foreign bank re¬
serves beginning in the 1950s, and most are also confined to the MS-60
to MS-63 grade range by todays strict standards.

In addition to absolute scarcity, the near-Gem that we are offering
here also offers noteworthy condition rarity. It is one of just 150-200
MS-64s believed extant (per Akers and Ambio, 2008), the surfaces being
uncommonly smooth by the standards of this often heavily abraded issue.
Rose-gold highlights enliven otherwise medium-gold color. The luster
is a blend of satin and softly frosted qualities, but the strike is unequiv¬
ocally sharp in all areas. A bit subdued in sheen, yet fully original and im¬
portant for inclusion in a high-grade date and mint set of this popular
20th century gold series.

PCGS# 9179.

996 1925 MS-67 (NGC). Temptingly close to perfection, this dazzling Su¬
perb Gem is free of even a single distracting abrasion. Light-to-medium,
rose-gold color and full, frosty mint luster blanket both sides. With a
sharp strike to all devices, this piece comes highly recommended for in¬
clusion in any high-quality set.

Combined PCGS and NGC Population: only H; 0 finer.

PCGS# 9180.

997 1925 MS-66 (PCGS). CAC. Premium Gem surfaces are overall

smooth with nary a distracting abrasion to report. Lustrous and original,
both sides blend rich orange-gold and green-gold colors that enhance al¬
ready memorable eye appeal.

PCGS# 9180.

Semi Key-Date
1925-D Double Eagle

998 1925-D MS-63 (PCGS). With just 475-569 Mint State coins believed
extant, the 1925-D is the l4th-rarest Saint-Gaudens Double Eagle in an
absolute sense. Clearly, virtually the entire mintage was destroyed on
presidential order during the gold recall of the early-to-mid 1930s.

A fortunate survivor of a very scarce, semi key-date issue, this Choice
‘25-D almost certainly escaped destruction by hiding among foreign gold
reserves until the 1950s or 1960s. Indeed, those are the decades during
which most known survivors of this issue began to make their way back
to our shores. Attractively original, both sides are overlaid in blended
rose-gold and orange-gold colors. Fully frosted with swirling cartwheel
visual effects, a bold-to-sharp strike is also a praiseworthy attribute. A
smattering of small, wispy abrasions does not include any singularly men-
tionable distractions. About as attractive as they come for a ‘25-D Double
Eagle in MS-63.

PCGS# 9181.

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Page 205

999 1925-S MS-65 (NGC). While none of the mintmarked Double Eagles produced from 1924 through the end of the Saint-Gaudens series
are encountered all that often in today's market, the 1925-S is seen less frequently than most other deliveries in this group. This is particularly
true in the higher Mint State grades, where the 1925-S emerges as a leading condition rarity among Saint-Gaudens Twenties. In the 2008
revision to the 1988 book A Handbook of 20th-Century United States Cold Coins: 1907-1933 , David W. Akers and Jeff Ambio account for
only two-to-thrcc examples in MS-65 and an equally limited number of three-to-five pieces that grade MS-66 and finer. These paltry totals
confirm the 1925-S .is the rarest Saint-Gaudens Double Eagle in high grades after only the (noncollectible) 1933, 1921, 1920-S and 1926-
D. It is perhaps even more significant in this regard that the 1925-S outstrips the legendary 1927-D in high-grade rarity, the latter issue ranking
only eighth on this list.

Typically struck for the issue, this extraordinary Gem displays overall sharp detail with the only mentionable softness confined to the digit
5 in ihe date. Additionally, the rims have a rounded, beveled appearance that is characteristic of many S-mint Double Eagles from the 1920s.
Softly frosted with an overall smooth appearance, the surfaces would accept nothing less than an MS-65 grade. Condition Census, and
worthy of inclusion in an advanced collection of 20th century gold, as such.

Combined PCGS and NG( Population: 4: S finer.

PCGS# 9182.

Page 206

Bowers and Merf.na Auctions

The April 2008 Chicago Rarities Sale • Session One

Highly Elusive
1925-S Double Eagle

1000 1925-S MS-63 (PCGS). Another mass-melted issue, the 1925-S is
nowhere near as plentiful in today’s market as a sizeable mintage of 3.7
million pieces might suggest. It is likely that only 275-300 coins survive
in all Mint State grades, and the vast majority of those pieces grade no
finer than the present level.

This deeply colored, orange-gold and khaki-gold example possesses
full, satin-to-softly frosted luster. A bit of light haziness is noted, but the
surfaces really do appear to be fairly smooth in the context of the MS-
63 grade level. A pleasing sharp strike rounds out an impressive list of at¬
tributes for this semi key-date rarity among late-date Double Eagles.

PCGS# 9182.

1001 1926 MS-66 (PCGS). Conditionally scarce for an example of this P-
mint issue, both sides are exceptionally well preserved with an overall
smooth appearance. Otherwise orange-gold in color, there are pretty rose-
gold overtones in the centers that help to confirm the originality of this
piece. A bit of light, mottled haziness to the surfaces is only really per¬
ceptible at indirect angles.

PCGS# 9183.

1003 1927 MS-66 (PCGS). CAC. With swirling cartwheel visual effects
and smooth-looking surfaces, this coin would do wonders for a high-
grade type set. Orange-gold in color, and truly a delight to behold.

PCGS# 9186.

1004 1928 MS-66 (PCGS). CAC. A beautiful Gem type candidate, this
piece is among the more carefully preserved survivors of this otherwise
common issue in the Saint-Gaudens Double Eagle series. Smooth with
full, frosty-textured luster, both sides allow ready appreciation of this
beautiful design. An orange-gold example with crisp striking detail to all
devices.

PCGS# 9189.

End of Sale

1002 1927 MS-66 ★ (NGC). CAC. A premium Gem for the type collector
that is obsessed with quality, this coin is sharply struck with smooth,
rose-gold surfaces. Unlike the typically encountered 1927 Double Eagle
with frosty mint luster, this piece exhibits a bright, satiny sheen that un¬
doubtedly helps to explain the ★ designation from NGC.

NGC Census: 37; and just two are finer with i ★ designation.

PCGS# 9186.

Bid online at www.bowersandmerena.com

Page 207

Bowers and Merena Auctions

—When great collections are sold, Bowers and Merena sells them !—

Upcoming Auctions 2008-2009

Location Auction

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For more information contact Bowers and Merena at

800 . 458.4646

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